Founder of Indonesia's Bukalapak to head Telkom's digital business

Shinhan Financial

19/06/2020 13:41

SINGAPORE June 19 (Reuters) - Indonesian e-commerce startup
Bukalapak said that its co-founder and president Fajrin Rasyid
34 has stepped down to become the head of digital business at
state-owned PT Telekomunikasi Indonesia Tbk, (Telkom)  TLKM.JK .
    The move, requested by State-Owned Enterprises Minister
Erick Thohir, is part of the former businessman's strategy to
make the country's telecoms giant more profitable and reduce its
dependence on mobile services. 
    However, it leaves Bukalapak without anyone from its
founding team, after co-founder and chief executive Achmad Zaky
stepped down in January.
    Bukalapak, valued at more than $2.5 billion during its last
fundraising round in October, is backed by Singapore sovereign
wealth fund GIC Pte Ltd  GIC.UL , China's Ant Financial
 ANTFIN.UL , and Korea's Shinhan Financial Group Co Ltd
 055550.KS .  L3N26P106  
    The company says it has served 92 million users in
Indonesia's fast-growing e-commerce market, which has attracted 
foreign investors due to surging smartphone use and rising
middle class income. But it is trailing Softbank-backed
Indonesian company Tokopedia and Tencent-backed regional rival
SEA  SE.N .
    
    

 (Reporting by Fanny Potkin, editing by Louise Heavens)
 ((f.potkin@thomsonreuters.com;))