From revolutionizing retail in Southeast Asia to inspiring the next generation of ecommerce in the region

Achmad Zaky and Fajrin Rasyid know what it feels like to start small. In 2010 the childhood friends launched the ecommerce marketplace Bukalapak from a humble boarding house in the Indonesian city of Bandung.

Bukalapak, which translates to “opening a stall,” started as a C2C online marketplace dedicated to empowering mom-and-pop shops and other small retailers to sell online. It helps sellers reach customers nationwide, source products at lower cost, and ensures payment security by holding payments until the consumer has received and accepted the product. It now boasts more than 100 million users.

Thanks to their impressive achievements in Indonesia, Achmad and Fajrin were selected as Endeavor Entrepreneurs in 2016. Things picked up after that. In honor of his efforts to boost small businesses, Achmad received the Satyalancana Wira Karya's Honorary Sign from Indonesian President Joko Widodo that year.

In 2017, Bukalapak became a $1+ billion unicorn, and Achmad and Fajrin took Bukalapak public on Indonesia’s stock exchange in 2021. The initial public offering was the largest IPO in Indonesian history. Today Bukalapak is one of the 15 largest companies in the country, valued at $7.5+ billion.

Their Multiplier Effect

Since stepping down as Bukalapak CEO in 2021 (he continues to serve as an advisor), Achmad has been busy trying to lift up the next generation of Indonesian entrepreneurs.

He formed The Achmad Zaky Foundation, a non-profit organization that aims to equip Indonesian talent with the skills they need to start the next generation of game-changing businesses. In 2021 the foundation created a startup training program in Indonesia with support from the “Ministry of Education, Culture, Research, and Technology” as well as Endeavor Indonesia, 500 Global, and other organizations. Achmad is also directly investing in the startup ecosystem. He founded the early-stage VC fund Init-6. Alongside Fajrin, he has invested in more than 20 startups.

Achmad and Fajrin have inspired nearly four dozen former employees to become entrepreneurs and have mentored or invested in more than 15 founders.