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Indonesia's Bukalapak gets investment from S Korea's Shinhan, says valuation US$2.5b

Indonesia's Bukalapak gets investment from S Korea's Shinhan, says valuation US$2.5b

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[JAKARTA] Indonesian e-commerce firm Bukalapak on Friday said South Korea's Shinhan Financial Group joined its latest fundraising round that valued the startup at over US$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 and China's Ant Financial, raised US$50 million in a previous fundraising round in January from South Korean firms led by Mirae Asset Daewoo and internet portal Naver.

REUTERS