Bukalapak’s Q2 revenue climbs 105% as Mitra business shines

Indonesian tech firm Bukalapak‘s revenue grew 105% to 903 billion rupiah (US$60.7 million) in the second quarter of 2022 from a year ago, owing to a strong performance from Mitra Bukalapak.

Photo credit: Bukalapak

Mitra Bukalapak clocked a total processing value (TPV) of US$1.19 billion for the quarter and US$33.5 million in revenue – 55% of the company’s topline for Q2 2022.

The online-to-offline arm had 14.2 million registered users as of June 2022, compared with 11.8 million a year earlier.

The company’s adjusted EBITDA loss for the quarter came in at US$24.2 million, a slight improvement over the US$25 million in losses in the previous quarter.

The ecommerce firm also saw a net profit of US$571.7 million in the first half of 2022, a 1,220% increase from a net loss of US$51.5 million a year ago. This was mainly due to Bukalapak’s investment in Allo Bank.

The company also reported a strong cash position at 20 trillion rupiah (US$1.35 billion) as of June 2022 – unchanged from its first quarter numbers.

Currency converted from rupiah to US dollar: US$1 = 14868.98 rupiah

See also: How Bukalapak is betting on rolling up brands in pursuit of profits