Bukalapak CEO Achmad Zaky announced on Wednesday that the e-commerce platform had officially become Indonesia’s startup unicorn, as the company was now valued at over US$1 billion.
However, Achmad refused to disclose information regarding the investors.
This achievement has made Bukalapak the country’s fourth unicorn startup after ride-hailing app Go-Jek, online booking platform Traveloka and e-commerce platform Tokopedia.
According to kompas.com, the government has set a target of creating five unicorn startups by 2020. Bukalapak’s achievement has taken Indonesia closer to that target.
The startup is said to be currently seeking to support more local medium-sized business (UKM) by developing its services to benefit both sellers and buyers.
Aiming to be the leader in the marketplace industry, the company is currently building a research and development (R&D) center in Bandung, West Java. Set to start operating in mid-2018, the R&D center aims to attract 200 engineers to create innovative products.