Japanese corporates, VCs back Indonesian e-commerce site

Details of the transaction were not disclosed.

According to TechinAsia, Bukalapak - which is Indonesia's second biggest online market place - will use the injection of new capital to enhance its marketplace platform, improve its payment system, and provide a new e-wallet system: BukaDompet. The start-up also plans to launch a native mobile application this year.

Employing 20 people, the business now facilitates over IDR500 million ($42,000) in transactions on a daily basis - discounting transactions occuring directly between buyers and sellers. Bukalapak currently has 400,000 live item listings from more than 80,000 sellers in its platform.

Bukalapak previously raised a Series A round from Gree Ventures in 2012, in addition to an earlier seed round raised from Batavia Incubator in 2011.

"What their team has achieved in such a short amount of time speaks volumes about what they can achieve in coming years," said Khailee Ng, a venture partner with 500Startups in Malaysia. "We're always looking for tomorrow's global champions and we see this in Bukalapak."

The e-commerce space in Indonesia is already quite crowded. Other VC-backed players include Lamido, which is backed by Rocket internet, and Tokopedia , which is backed by East Ventures.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• North Asia
• Early-stage
• Technology
• Technology
• Gree Ventures
• 500 Startups
• Indonesia
• Japan