Bukalapak posts 86% YoY revenue growth in Q3 2022

Indonesian tech firm Bukalapak‘s revenue surged 86% to 898 billion rupiah (US$57.6 million) in the third quarter of 2022 from a year ago. This comes on the back of a strong performance from Mitra Bukalapak, an online-to-offline solution that helps small retailers in the country procure physical goods to sell.

However, the figure is marginally lower than the company’s revenue in the last quarter, which was around US$57.8 million.

Bukalapak’s office / Photo credit: Bukalapak

Mitra Bukalapak clocked a total processing value of US$1.3 billion for the quarter. It posted US$30.6 million in revenue, around 53% of the company’s top line for Q3. This is slightly lower from last quarter, where it contributed around 55% of Bukalapak’s revenue.

The online-to-offline arm had 15.2 million registered users as of September.

The company’s adjusted EBITDA loss for the quarter came in at US$21 million, a slight improvement over the US$23.1 million loss from the previous quarter.

Bukalapak also recorded a net profit of US$230.9 million in Q3, with most of its bottom line coming from the company’s unrealized gain from its investment in Allo Bank.

See also: Mitra has flattered Bukalapak’s financials, but new challenges await

The company also reported a strong cash position at 17 trillion rupiah (US$1.1 billion) as of September – down US$160 million from its H1 figure.

Currency converted from rupiah to US dollar: US$1 = 15,591 rupiah.