JAKARTADAILY.ID - PT Bank DBS Indonesia disbursed Rp 2 trillion ($140.76 million) in loans to publicly listed PT Bukalapak.com, as Indonesia's first unicorn to go public is seeking to diversify its funding.
A signing agreement dated November 12, 2021, between both companies, marked the first loan that Bukalapak has secured.
The loan facility comes in the form of an uncommitted revolving short-term loan and has one year tenor until November 12, 2022.
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Bukalapak secures these loans without any specific collateral.
In a statement sent to the media on Thursday, DBS Indonesia said this loan facility is the biggest that the lender ever disbursed to Indonesian e-commerce players.
"This is a historical transaction to us and to the all-commerce tech industry in Indonesia. The transaction is special, as it marks a loan facility at a very significant value," to Indonesia's first publicly listed e-commerce to expand its businesses, said Kunardy Lie, Corporate Banking Director at Bank DBS Indonesia.
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Kunardy, a veteran banker in Indonesia, said Bank DBS Indonesia supports Bukalapak's businesses to grow small and medium enterprises in Indonesia.
Rachmat Kaimuddin, President Director at PT Bukalapak.com Tbk said taking the loan facility from DBS Indonesia is part of the company's strategy to diversify its funding, apart from equity injection.
"This shows the higher confidence from the financial sector towards Bukalapak's businesses," he said, adding the loan facility is expected to strengthen the company's funding as well as boost its businesses.
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