Indonesian ecommerce powerhouse Bukalapak said its revenue jumped 29% to 521 billion rupiah (around US$36.3 million) in the fourth quarter of 2021, following an acceleration in its Mitra Bukalapak business, which focuses on serving SMEs.
Revenue grew at the same rate as the company’s total processing value – the gross merchandise value minus canceled orders – which also jumped to US$2.4 billion for the quarter, up 29% from a year earlier.
Bukalapak CEO Willix Halim / Photo credit: Bukalapak
Revenue from Bukalapak’s Mitra business surged more than 4x to US$22.4 million for Q4 2021. The segment’s contribution to the company’s overall quarterly revenue also increased to 62% from 18% the previous year.
As of December 2021, Bukalapak had partnered with 11.8 million mom and pop stores or warungs through its Mitra business.
It saw its operating losses for last year narrow 7% to US$118.4 million. Its net losses for the period grew 24% to US$116.7 million, due to US$33.6 million in tax credit received in 2020, said the company.
However, Bukalapak’s adjusted EBITDA for Q4 2021 shrank 6% compared to the same quarter in the prior year.
See also: Bukalapak’s financial performance in 8 charts
The company’s cash position sits at 24.7 trillion rupiah (around US$1.7 billion) at the end of last year, slightly higher than US$1.6 billion in the previous quarter.
Earlier this year, the company picked Willix Halim as its new CEO, replacing Rachmat Kaimuddin, who left his post to join an Indonesian ministry.
Currency converted from Indonesian rupiah to US dollar: US$1 = 14,362 rupiah.
Editing by Samreen Ahmad and Arpit Nayak
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