Microsoft to invest in Ant Group-backed Indonesian startup Bukalapak

(Reuters) – Microsoft Corp said on Tuesday it has linked up with Ant Group-backed Indonesian startup Bukalapak and will invest in the e-commerce platform.

Under the deal, Bukalapak will adopt Microsoft’s cloud platform Azure and provide digital skills training for Bukalapak employees and their merchants, Microsoft said in a blog https://news.microsoft.com/id-id/2020/11/03/bukalapak-establishes-strategic-partnership-with-microsoft-to-enhance-indonesian-e-commerce post.

A Bukalapak spokeswoman confirmed the investment, but declined to specify the amount. Microsoft did not immediately respond to comment.

Bukalapak, which is valued at more than $2.5 billion, is also backed by Singapore sovereign wealth fund GIC Pte Ltd and Indonesian media conglomerate Emtek.

A Bloomberg report earlier said that Bukalapak’s existing backers and Microsoft are investing at a valuation between $2.5 billion and $3 billion.

Microsoft has agreed to a $100 million investment in Bukalapak, the report added.

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Bernard Orr)

Source: – TheChronicleHerald.ca

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