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Bukalapak receives Rp 2t loan from DBS Bank
The e-commerce company secured the loan to diversify its funding away from its recent IPO.
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Bukalapak chief executive Rachmat Kaimuddin delivers a speech at the company's initial public offering on Aug. 6. (Courtesy of Bukalapak)
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ublicly listed e-commerce company Bukalapak has secured a Rp 2 trillion (US$1.4 million) loan facility from private lender Bank DBS Indonesia as part of the company’s efforts to diversify its funding
Bukalapak, the first Indonesian tech unicorn to go public, and DBS Indonesia signed the uncommitted revolving short-term loan facility agreement on Nov. 12. The loan, made without specific guarantees or collateral, will mature within one year. The interest rate is 4.5 percent per annum.
Bukalapak corporate secretary Perdana Saputro said the loan was part of the company’s strategy to diversify its sources of funding, in addition to the equity raised through its initial public offering (IPO).
“The context behind obtaining the banking facility is for the company to utilize such a facility as a bridging facility to expand its business,” Perdana was quoted in a statement as saying on Monday.
The loan facility came a few months after the e-commerce giant raised Rp 22 trillion through its IPO at the Indonesia Stock Exchange (IDX) in July.
Bukalapak has said it would focus fresh funding on expanding its e-procurement business Mitra Bukalapak, which concentrates on warung (small kiosk) and is considered the company's main growth engine and competitive edge over rival e-marketplaces such as Tokopedia and Shopee.
Read also: Bukalapak to be profitable in 2023: Macquarie Research
