Bukalapak records net loss of $68.8m in Q1

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Bukalapak has recorded a net loss of over 1 trillion rupiah (US$68.8 million) in Q1 2023 compared to a net profit of 14.5 trillion rupiah (US$993 million) during the same period in 2022, the Indonesian ecommerce giant said in a press statement released on Friday.

In January 2022, Bukalapak spent US$83.7 million to acquire 12.05% of Allo Bank. Its investment in the Indonesian digibank was a primary driver of its net profit in Q1 2022.

For the latest quarter, Bukalapak also posted an operating loss of around 1.2 trillion rupiah (US$80.3 million). The ecommerce firm did not reveal numbers for Allo Bank for this quarterly results.

See also: Bukalapak’s financial performance in 7 charts

Meanwhile, the Mitra Bukalapak business saw a 9% year-on-year increase in total payment value (TPV) for the quarter, reaching 18.7 trillion rupiah (US$1.3 billion). It had 16.8 million registered merchants by the end of March, the company said.

Overall, Bukalapak’s revenue in Q1 2023 jumped by 28% year-on-year to over 1 trillion rupiah (US$68.6 million). Mitra Bukalapak alone contributed 515 billion rupiah (US$35 million), an increase of 9% from Q1 2022.

The ecommerce firm has about US$1.4 billion in cash and cash equivalents and liquid investments, including government bonds and mutual funds.

Earlier this month, Bukalapak announced its acquisition of iPrice Group, a price comparison platform headquartered in Malaysia.

For more Tech in Asia coverage of Bukalapak, head here.

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,654 rupiah.