Charting Bukalapak’s finances

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Hello reader,

Earnings season is always an exciting time for the Tech in Asia newsroom, especially as more companies in Southeast Asia have become publicly listed.We’ve got plenty of reports and financial data to look at every quarter, tracking the financial performance of the region’s biggest tech companies.

I must admit that I’m not familiar with financial statements, and there often comes a point where all the numbers start to blur together. How much is US$50 million in revenue, really? What are the implications of Company X posting an operating loss of US$26 million? Is it doing better than three months ago or is it in worse shape?

Don’t worry, Tech in Asia has your back. We’ve got nifty charts and graphs that sum up all these numbers for you, and we also track the financial health of Southeast Asia’s major tech companies. And for this edition of the newsletter, we’re looking at Indonesian unicorn Bukalapak, which went public in 2021.

Today we look at:

• Some handy charts and numbers about Bukalapak’s financial performance
• A London-based fintech startup entering Singapore
• Other newsy highlights such as Shein’s first permanent physical store in Tokyo and Lazada’s first ESG report

Premium summary

Charts and numbers

Image credit: Timmy Loen

Bukalapak is one of Southeast Asia’s biggest tech companies, and its IPO last year made headlines. After all, the ecommerce player became the first tech startup in Indonesia to make its stock market debut. We’re sharing some insights into its finances based on some charts that Tech in Asia updates regularly.

• The big picture: Bukalapak’s revenue surged 86% to US$57.6 million in the third quarter of 2022, with gross profit standing at US$15.9 million. Its net loss was US$19.8 million.
• E for expenses: The company’s expenses in Q3 are higher compared to the previous quarter. These expenses came from its cost of revenues (US$41.7 million in Q3 2022), followed by general and administrative expenses and selling and marketing expenses.
• Mitra Bukalapak’s going strong: Its offline-to-online arm saw US$30.6 million in revenue in Q3 2022, with over 15.2 million users on the platform. For reference, Mitra Bukalapak generated US$56.9 million in revenue in 2021.

Read more: Bukalapak’s financial performance in 7 charts

Startup spotlight

Weaving things together

Quick bytes