Singapore sovereign wealth fund GIC Pte Ltd, local media conglomerate Emtek and US software giant Microsoft led a consortium that invested US$234 million in Indonesian e-commerce company Bukalapak, according to Reuters.
Other investors in the group include SC Ventures, the investment arm of Standard Chartered, and South Korean internet search engine company Naver, the news agency says in a report on April 16, citing unidentified sources and a sale document it reviewed.
“Bukalapak is also planning to list in Indonesia, where it has hired Mandiri Sekuritas for the IPO,” one source says.
Spokespersons for Bukalapak, and GIC did not immediately respond to questions from Asia Asset Management.
This is GIC’s second technology investment since January, when it teamed up with Mubadala Investment Co., the sovereign wealth fund of the United Arab Emirates, to buy an unspecified stake in US software firm ThoughtWorks for $720 million.
GIC does not publicly disclose its assets data. The Sovereign Wealth Centre estimates the wealth fund had around $453 billion of total assets as of March 2020.
