Indonesian e-commerce company Bukalapak raised $234 million in capital in a funding round led by Microsoft, Singapore sovereign wealth fund GIC, and local media conglomerate Emtek, according to a sale document reviewed by Reuters.

The latest funding round comes amid a frenzy of interest from global investors in gaining exposure to the fast growing Southeast Asian technology sector with the prospect of listings of startups worth tens of billions of dollars.

The funding round for the 11-year old startup, which claims over 100 million users, also included SC Ventures, the investment arm of Standard Chartered, and South Korean web portal Naver Corp.

Bukalapak, which in October 2019 said it was valued at more than $2.5 billion, declined to comment.

Sources told Reuters that the company is currently planning to list in Indonesia, where it has hired Bank Mandiri’s securities arm Mandiri Sekuritas, before eyeing a merger with a special purpose acquisition company (SPAC) in the United States.

Fellow Southeast Asian startup Grab announced on Tuesday the world’s biggest blank-check company deal ever, as it clinched a nearly $40 billion merger with SPAC Altimeter Growth Corp.

Bukalapak is expected to face stiff public market competition from Indonesian ride-hailing and payments company Gojek and larger e-commerce rival Tokopedia, which sources say are close to finalising a merger ahead of a potential dual listing in Jakarta and the United States.

Reporting by Anshuman Daga and Fanny Potkin; Editing by Ed Davies