Shinhan GIB, the investment banking unit of South Korean financial group Shinhan Financial Group, today announced its involvement in the Series F funding round for Indonesian e-commerce unicorn Bukalapak.
The funding round also included the participation of existing investors such as Emtek Group and other global institutional investors.
Though the value of the company’s investment was undisclosed, a press statement by Shinhan GIB said that the close has brought Bukalapak’s valuation to surpass US$2.5 billion.
The statement also said that the Series F round will allow Bukalapak to execute its long-term plan and business strategy, which included the promotion of financial inclusion.
Also Read: This is how we scaled up the Bukalapak engineering team
As one of the locally made unicorns, Bukalapak recently made headlines when it reportedly laid off employees and closed down offices in Surabaya and Medan.
The news comes after Bukalapak’s recent moves of foraying into digital insurance by partnering with Axinan last month, and the launch of BukaGlobal in Singapore back in May 2019, which is its first international arm.
In the latest press statement by investor Shinhan GIB, the company is said to have over 70 million active users, more than four million sellers and more than two million mom-and-pop kiosks (“Warung“) and individual agents across Indonesia.
—
Image Credit: Bukalapak
The post South Korea’s Shinhan GIB invests in Bukalapak, pushing its valuation past US$2.5B appeared first on e27.