October 4, 2019 / 4:03 AM / 19 days ago

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

JAKARTA Oct 4 (Reuters) - Indonesian e-commerce firm Bukalapak on Friday said South Korea’s Shinhan Financial Group Co Ltd 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 and China’s Ant Financial , raised $50 million in a previous fundraising round in January from South Korean firms led by Mirae Asset Daewoo Co Ltd and internet portal Naver Corp. (Reporting by Fanny Potkin & Ed Davies; Editing by Christopher Cushing)

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