Indonesian e-commerce giant Bukalapak plans to list in the U.S.

E-commerce company Bukalapak is reportedly working with investment banks on plans and in talks with several blank-check firms to go public in the United States for the first time through a SPAC .

A SPAC is a company formed specifically to raise capital through an IPO for the purpose of conducting a merger , acquisition, or purchasing corporate shares in one or more companies.

It is reported that Bukalapak could be valued at between $4 billion and $5 billion through a SPAC listing . However, before reaching an agreement with a US SPAC, Bukalapak is also considering listing part of its business in Indonesia.

People familiar with the matter said that the matter is still in the early stages of discussion and no final decision has been made.

Bukalapak is an e-commerce company founded by Achmad Zaky , Nugroho Herucahyono and Muhamad Fajrin Rasyid in 2010. Initially, Bukalapak worked with small and medium-sized enterprises to sell their products through the platform to meet consumer demand. Currently, Bukalapak has 13.5 million sellers and over 100 million users .

As one of the most populous countries in the world , home quarantine has become a daily routine for people during the epidemic. Bukalapak seized the opportunity and went against the tide to achieve outstanding results. Intan Wibisono, head of corporate communications , said that during the Ramadan period that ended at the end of May, the transaction volume on the Bukalapak platform increased by double digits compared with the same period last year.

Last November, Microsoft established a strategic partnership with Bukalapak, an Indonesian e-commerce giant , and invested $100 million. Other investors in Bukalapak include Jack Ma's Ant Group, Singapore's sovereign wealth fund GIC Pte and Standard Chartered Bank . Among them, Standard Chartered Bank and Bukalapak are working together to provide a series of financial services through Bukalapak's ecosystem, thereby bringing innovation in the fields of financial and e-commerce services.

A survey by Standard Chartered Bank showed that the epidemic was a catalyst for the growth of online financial activities, with more than half of respondents worldwide using more online services. Currently , 56% of Indonesian consumers prefer online shopping and payments , an increase of 16% in purchases compared to before the epidemic .

Bukalapak has never stopped looking for more partners. Bukalapak 's progress and development will surely accelerate the recovery of Indonesia's national economy.

Bukalapak

Indonesia