Bukalapak is said to raise $234 million (more than IDR 3.4 trillion) in a round led by Microsoft, Singapore’s GIC sovereign wealth fund and EMTEK. Quoting from a Reuters, other investors involved this round are SC Ventures, Standard Chartered’s arm investment, Naver Corp.

One of Bukalapak’s representatives said to DailySocial that this round was finalized last year, led by Microsoft and other ranks of investors. “We are also very grateful for the support given,” he said.

From the statement, the conclusion is this $234 million is the total funds raised in the series G round that took place in the past year. There are two stages in this round, from GIC, Microsoft, and EMTEK which was announced in November 2020 worth $100 million.

Furthermore, the second phase occurs in January 2021, led by Standard Chartered, followed by Naver and Mirae Asset-Naver Asia Growth Fund. Standard Chartered is reported to invest $200 million in funds.

EMTEK, as one of Bukalapak’s early investors, announced $150 million earlier this month, part of which came from Naver Korea.

In the disclosure, EMTEK had two top up investments for Bukalapak. However, EMTEK’s shares have been diluted to 34.49% at present compared to the previous year due to the Series G funding round.

Previously, the news breaking that Bukalapak is currently preparing to go public on two exchanges. Bukalapak reportedly appointed Mandiri Sekuritas as its underwriter to go public in domestic, before merging with the SPAC company in the United States.

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Original article is in Indonesian, translated by Kristin Siagian