The deal values the company at USD 2.88 billion and is part of the Series F round it kicked off in April when it raised USD 502 million from Tiger Global, Snap, and Twitter.
Analysts believe that tech stocks such as Bukalapak will lure young retail investors and inspire other internet companies to hit the local capital market.
Indian startups raised a whopping USD 12.1 billion across 382 deals—exactly half the number of deals VCs participated in last year to invest USD 11.1 billion.