Achmad Zaky, the co-founder of Indonesian e-commerce company Bukalapak, became one of the richest people in the country after the company made history as the first technology unicorn company listed on the national stock exchange.
When the online market first trades on Friday, its share price is up 25% from the initial issue price of 850 rupees (6 cents), reaching the upper limit. The Jakarta-based company raised US$1.5 billion in the country’s largest initial public offering and has a current market capitalization of US$7.6 billion.
Zaky resigned as CEO of Bukalapak at the beginning of last year, but continued to serve as a consultant. His net worth is approximately US$330 million, derived from his 4.3% stake in the company.
This 34-year-old young man is an outstanding figure in the Indonesian business community because he successfully transformed Bukalapak from a humble background and became the country’s third largest e-commerce company through monthly network visits.
Read more on Forbes: Indonesian technology pioneers raised US$1.5 billion through IPO to fight the “e-commerce war”
Zaky proposed the idea of Bukalapak, which translates as “opening a booth” as a way to help small businesses through Sell their products on the Internet to increase their sales. In 2010, he collaborated with his classmates Nugroho Herucahyono and Fajrin Rasyid to build the company’s website with approximately US$5.
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. When Zaky was still there, Bukalapak joined the Unicorn Club in 2017 when his valuation exceeded the $1 billion mark. In the same year, Zaky and his team launched an online and offline platform called Mitra Bukalapak. The platform enables momandpop booths to sell virtual products and other merchandise to customers and connect shopkeepers with suppliers.
The Bukalapak team visited a momandpop kiosk in Indonesia.
The Bukalapak team visited a momandpop kiosk in Indonesia. BUKALAPAK
Bukalapak is still not profitable and laid off around 10% of its employees in September 2019, supposedly to maintain efficiency. In January 2020, Zaki resigned as CEO after ten years in office. His position was replaced by Rachmat Kaimuddin, former director of finance and planning at Bukopin Bank.
A few months after Zaky left, the co-founders Herucahyono and Rasyid also left their positions. Subsequently, Zaky established a venture capital fund called Init 6, which is mainly aimed at early-stage startups.