Today (10/4) Shinhan GIB announced investment to Bukalapak’s series F. There’s no information of the number raised from the South Korean Bank in the release. In fact, Bukalapak has closed this round at over $2.5 billion (equivalent to 35 trillion Rupiah). Emtek as the previous investor is said to be involved.

The valuation is quite interesting compared to the other unicorns. Says Ovo, the e-wallet app is said to reach $2.9 billion. While the closest rival, Tokopedia, exceeded $7 billion valuation post-Alibaba and Softbank funding in the late-2018.

The fresh money is to be used in the long-term business plan and strategy for financial inclusion and retail business transformation in Indonesia. This has brought fresh air to the Achmad Zaky – founded company, post the layoff rumor.

The company also said that Bukalapak currently has over 70 million users. It includes more than 4 million sellers and 2 million partners/agents (shops) from all over the country.

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Original article is in Indonesian, translated by Kristin Siagian