Ant Group caused concern in China's state-controlled finance sector by venturing into personal and consumer lending.
Bukalapak's existing backers and Microsoft are investing at a valuation between $2.5 billion & $3 billion
Microsoft 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 post. The partnership will result in cloud support services for over 12 million micro, small, and medium enterprises along with 100 million customers.
The partnership will entail three key initiatives. Firstly, it will build resilient cloud infrastructure to support over six million online merchants and six million offline ones. Secondly, it aims to bridge the digital gap, making the digital world relevant for every individual on a daily basis. Lastly, as mentioned earlier, it will provide digital skill training for Bukalapak employees and their merchants.
Haris Izmee, President Director of Microsoft Indonesia, said, “Through this partnership, merchants and consumers will have a more efficient and reliable buying and selling experiences, which in turn, creates business resilience and helps in accelerate growth in the Indonesian digital economy.”
A Bukalapak spokeswoman confirmed the investment but declined to specify the amount. Microsoft did not immediately respond to comment.
Bukalapak, valued at more than $2.5 billion (roughly Rs. 18,600 crores), 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 (roughly Rs. 22,300 crores).
Microsoft has agreed to a $100 million (roughly Rs. 700 crores) investment in Bukalapak, the report added.
© Thomson Reuters 2020
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