1. History

2. Finances

3. Growth and impact

4. People and culture

5. Founders

6. Awards

7. References

8. External links

Bukalapak is a privately held technology company in Indonesia and one of the largest e-commerce company in Southeast Asia with more than US$1 billion of valuation, making it a unicorn company^[2]. Bukalapak was founded by Achmad Zaky in 2010 and started as an online marketplace, but has since expanded to providing other services both for consumers and businesses, with a particular focus on small and medium-sized enterprises. As of 2018, Bukalapak has more than 50 million users and process half a million transactions per day.^[3].

History

Bukalapak was founded in 2010 by Achmad Zaky with two of his college friends from Institut Teknologi Bandung, they are Fajrin Rasyid and Nugroho Herucahyono.^[4].

Bukalapak has a simple purpose, everyone can digitally sell their goods without a large amount of capital and make transactions. Indonesians are very familiar with the name ‘Bukalapak’ in term of transaction. Bukalapak’s first major progress was when folding bicycles became a huge trend in 2010. That was the time where there were so many communities selling various types of bike and biking accessories with affordable price, which played a significant role in increasing Bukalapak’s users.

Bukalapak wants to embrace SMEs all over Indonesia to utilize advanced technology to broaden their market reach. The nickname "Pelapak" is a common term used to call the sellers in Bukalapak. Bukalapak is also well-known for its efforts to embrace its pelapak communities all over the Indonesia, which uphold the values of cooperation, togetherness, honesty, and thirst for knowledge.^[5].

Finances

Less than a year after being founded, Bukalapak received an additional capital from Batavia Incubator (a merged company from Rebright Partners, led by Takeshi Ebihara from Japanese Incubator and Corfina Group) . In 2012, Bukalapak received another additional investment from GREE Ventures led by Kuan Hsu.^[6]

In March 2014, Bukalapak announced that it received an investment by Aucfan, IREP, 500 Startups, and GREE Ventures.^[7]

From Emtek's 2015 financial statements (49% owners of Bukalapak shares), it is known that Bukalapak has obtained investment fund from Emtek totaling up to Rp 439 billion. However, in 2015, Bukalapak is still losing Rp 229 billion, with revenues of Rp 6.4 billion.^[8]

Growth and impact

After being founded in 2010, Bukalapak has been growing rapidly and crowned as one of four unicorns from Indonesia in 2017.^[2]. Today, Bukalapak has 50 million users, more than three million pelapak (Bukalapak’s online sellers) and serves more than three billion monthly visitors (data per August 2018).

Bukalapak’s engineering team has also multiplied by 20 times, started with only a dozen engineers, now the team has expanded to hundreds of talents, including hundreds of Indonesian diasporas.

People and culture

By January 2019, Bukalapak has more than 2,600 employees, including 1000 engineers spread out in Jakarta, Bandung and Surabaya. Bukalapak supports Indonesian local talents to build a better SME ecosystem with technology-driven spirit.

Bukalapak is proud of its Indonesian values. Bukalapak maintains its employment composition dominated by Indonesian local talents. Bukalapak’s #BukaJalanPulang campaign has been calling Indonesian diasporas to come back home and uplift the nation together.^[9].

Founders

Achmad Zaky (born in Sragen, Central Java, 24 August 1986) is the Founder and Chief Executive Officer (CEO) of Bukalapak since 2010. Zaky graduated with a Bachelor of Informatics (cum laude) from Bandung Institute of Technology (ITB) . In 2016, Zaky was honored by the President of Indonesia, Ir. Joko Widodo, with Tanda Kehormatan Satyalancana Wira Karya, a medal of honor given by the President of Indonesia to appreciate one’s merit and service for the nation, as well as being a role model . Achmad Zaky is known to be the person who actively empowers SMEs through online marketplace by utilizing the internet to expand their market and developing Bukalapak platform, which brings positive impact to the society.^[10]

Muhammad Fajrin Rasyid (born in Jakarta, 11 September 1986) is the Co-Founder and the President of Bukalapak who is responsible for company’s initiatives, strategies, long-term plans and partnership with external parties. Fajrin was the Chief Financial Officer (CFO) of Bukalapak for 7 years before becoming the President of the company. Muhammad Fajrin Rasyid graduated with a Bachelor of Informatics (4.0 GPA) from Bandung Institute of Technology (ITB). Before joining Bukalapak, Fajrin had worked as a Consultant at Boston Consulting Group (BCG) until 2011 when he finally decided to leave BCG and became a part of Bukalapak. In 2016, Fajrin achieved the CFO of the Year from SWA Magazine.^[11]

Nugroho Herucahyono (born in Karanganyar, 7 March 1987) is the Co-Founder and Chief Technology Officer (CTO) of Bukalapak. Like Zaky and Fajrin, Nugroho also graduated with a Bachelor of Informatics from Bandung Institute of Technology (ITB). Along with Achmad Zaky, Nugroho worked day and night to make their dream come true. After working non-stop for 2 months, Bukalapak website was finally completed and launched in January 2010.^[12]

Awards

Achmad Bakrie Award XVI 2018 - Technology and Entrepreneurship^[13]

YouTube Pulse 2018 - Best Ads - Nego Cincai^[14]

Citra Pariwara 2017 – Bronze – Digital Viral and Email Marketing^[15]

Tangrams Awards – E-commerce Asia Pacific^[16]

EY Entrepreneur of The Year – Achmad Zaky – Technology and Digital Category^[17]

PR Awards Marketing Magazine Southeast Asia 2017 – Best PR-led Integrated Communications & Best Direct-to-Consumer PR Campaign^[18]

YouTube – The Most Popular Video in Indonesia - Pendekar Jari Sakti (Medok)^[19]

The President of Indonesia, Joko Widodo – A medal of honor Satyalancana Wira Karya^[20]

Millward Brown - Top 50 Most Valuable Indonesia Brands 2016^[21]

References

External links

• [https://www.bukalapak.com Official website]

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