Although Shinhan Financial Group Co Ltd’s investment was not disclosed, the funding round saw Bukalapak valued at more than $2.5 billion.

On Friday, Indonesian e-commerce startup Bukalapak stated, South Korea’s Shinhan Financial Group Co Ltd has participated in its latest funding round which valued the company at over $2.5 billion.

Bukalapak did not disclose the amount Shinhan Financial Group Co Ltd has invested in the company nor did it elaborate on the size of the stake Shinhan would gain.

Other participants in its latest funding round include Indonesian media conglomerate Emtek – a long-time backer.

Bukalapak, whose other backers includes China’s Ant Financial and Singapore sovereign wealth fund GIC Pte Ltd, had raised $50 million in a previous fundraising round in January 2019 which was led by South Korean firms led by Mirae Asset Daewoo Co Ltd and internet portal Naver Corp.