Indonesia's Bukalapak gets investment from S.Korea's Shinhan, says valuation $2.5 bln

Shinhan Financial

04/10/2019 05:00

JAKARTA Oct 4 (Reuters) - Indonesian e-commerce firm
Bukalapak on Friday said South Korea's Shinhan Financial Group
Co Ltd  055550.KS  joined its latest fundraising round that
valued the startup at over $2.5 billion.
    Bukalapak did not disclose the amount it will receive
through Shinhan's investment banking unit Shinhan GIB, nor the
size of the stake Shinhan would gain.
    Other participants include Indonesian media conglomerate
Emtek, which is a long-time backer, the e-commerce firm said in
a statement.
    Bukalapak, whose other backers include Singapore sovereign
wealth fund GIC Pte Ltd  GIC.UL  and China's Ant Financial
 ANTFIN.UL , raised $50 million in a previous fundraising round
in January from South Korean firms led by Mirae Asset Daewoo Co
Ltd  006800.KS  and internet portal Naver Corp  035420.KS .

 (Reporting by Fanny Potkin & Ed Davies; Editing by Christopher
Cushing)
 ((f.potkin@thomsonreuters.com;))