4/10/23, 6:26 PM Bukalapak acquires majority in Malaysia's iPrice Group

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Miguel Cordon · 4 Apr 2023 · 2 min read

Bukalapak acquires majority stake in Malaysia’s iPrice

(From left) iPrice Group CEO Paul Brown-Kenyon and co-founders David Chmelař and Heinrich Wendel / Photo credit: iPrice Group
Bukalapak, an Indonesian ecommerce major, has bought a majority stake in iPrice Group, a
price comparison platform.

Without disclosing the amount iPrice Group co-founder Heinrich Wendel told Tech in
Asia that Bukalapak invested “a sufficient amount of capital.”

Bukalapak said the acquisition was part of its strategy to focus on niche marketplaces and grow
faster. Meanwhile, iPrice noted that the partnership would help it reach more consumers and
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4/10/23, 6:26 PM Bukalapak acquires majority in Malaysia's iPrice Group

In 2014, Wendel established iPrice with David Chmelař. The startup enables online users to
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compare product specifications, prices, and seller feedback. It has raised about US$26 million in
funding since inception, according to Crunchbase data.
In June 2022, the company laid off 20% of its total workforce amid the economic downturn.
iPrice Group said it had to scale back “several aspects” of its operations, including projects such
as consumer lending comparison and user experience upgrades for its main app.

“When the markets changed rapidly in Q2 2022, we had to make the tough decision to cut these
initiatives and refocus the company back on our core,” Wendel said.

After the deal, iPrice Group will continue to operate independently. It is targeting the gaming
space and and entering Australia.

See also: Bukalapak’s financial performance in 7 charts

Wendel said iPrice also intends to “meaningfully” contribute to Bukalapak’s goal of reaching
profitability this year. The Indonesian ecommerce major recently posted US$130.8 million in
profit and US$15.6 million in adjusted losses for 2022.

iPrice Group
iPrice Group is an e-commerce website which helps you discover items that you need, efficiently compare
prices between stores, and take advantage of online coupons, adding great value to your online shopping
experience.

LO C AT I O N Malaysia

FOUNDED 2014

EMPLOYEES 51 – 200

WEBSITE iprice.my

L AT E S T F U N D I N G Strategic investment
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Miguel Cordon
Finally updated my bio.

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