Bukalapak started out to help Indonesians sell online; today it is worth over $7.5 billion after IPO

Bukalapak was founded back in 2010 to enable small and medium enterprises go online in Indonesia

Alfred Lee

8 Aug, 2021

Bukalapak started out to help Indonesians sell online; today it is worth over $7.5 billion after IPO | BEAMSTART News

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Last week, Bukalapak, one of Indonesia's most popular e-commerce marketplaces, went public on the Indonesian Stock Exchange (IDX).

What started out as a small startup with a mission of helping Indonesians sell online has quickly evolved into a technology giant valued at over $7.5 billion.

Key Highlights

  • Founded in 2010, Bukalapak started out with the mission of allowing Indonesian small businesses to easily sell online.
  • On Friday, Bukalapak went public on the Indonesian Stock Exchange (IDX).
  • The company's shares rose by 25% minutes after the market opened (the maximum increment allowed in a day is 25% on the IDX).
  • The rise of the share price bolstered Bukalapak's valuation to $7.5 billion.

Why It Matters

  • Bukalapak is officially Indonesia's first unicorn company to be listed on the country's local stock exchange.
  • While most companies were vying to go public either in United States or in Hong Kong, Bukalapak chose their home-ground to go public.
  • Bukalapak faces strong competition from rivals Tokopedia and Shopee.

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