Bukalapak was incubated by Batavia Incubator and recently launched a few products. Some of the products they have launched includes HijUp.com, a muslim female fashion site,as well as Scallope.com, which focuses on both male and female fashion. The funding announcement came shortly after the Bukalapak group launched their online payment platform. Bukalapak is currently serving more than 35,000 merchants and receives more than 60,000 visitors per day on their network of e-commerce sites.
The funding amount from GREE Ventures is undisclosed. Although the investment into Bukalapak marks GREE’s second investment in Indonesia after Pricearea.com, GREE Ventures assures us that they are not solely focusing on Indonesia. GREE Ventures shared more with e27 about their investment strategy. For GREE Ventures, they invest in individually strong companies but in a way that each portfolio company can help one another grow stronger together. In the case of Pricearea.com and Bukalapak, an online price comparison website and a consumer-t0-consumer e-commerce platform respectively, both complement each other.
Following the investment in Bukalapak, we can expect to see some form of collaboration between Pricearea and Bukalapak. According to GREE Ventures, the two companies have already been linked up with the hopes that a solid partnership can be formed.
Understanding the investment strategy of GREE Ventures, the next question would be what is the next investment? To identify that, e27 asked GREE Ventures what the current portfolio would need. According to GREE Ventures, a solution that helps smoothen the flow from price discovery to the actual transaction is something that would bring value to their current portfolio. Would something like Fashionspace, a social publishing platform, be the next piece in the puzzle?
Earlier in April, we also reported that one of Indonesia’s ecommerce platform Tokopedia, received an investment from Japan based Netprice. Back then, Tokopedia had about 16,000 merchants onboard. Netprice sees strong potential in Indonesia’s e-commerce industry, and they want to create a strong base of e-commerce business in Indonesia through the investment. The funding details were undisclosed as well.
There are significant similarities in both the funding rounds of Bukalapak and Tokopedia. Both of them are Indonesia based e-commerce platforms and have received huge interests from Japanese companies. This shows the potential of the Indonesian market, and maybe e-commerce is not a sucker’s bet in Indonesia.
Image credits: DailySocial, Stratus Partners