🧠 Food for thought

Implications, context, and why it matters.

Bukalapak’s move into gaming and virtual goods helps explain its results

• The “business transformation” was a broad change to Bukalapak’s model, including the closure of its marketplace for physical goods in early 2025 1.
• The company now centers on virtual products, and its gaming unit brought in about 82% of total revenue in 2025 2.
• That move also lines up with lower costs, as selling and marketing expenses fell from 1.5 trillion rupiah (US$84.1 million) in 2024 to 212.7 billion rupiah (US$12.3 million) in 2025 2.
• Positive adjusted EBITDA in Q1 2026 followed that change, after Bukalapak posted its first annual net profit in 2025 at 3.1 trillion rupiah (US$182 million) 1.

Bukalapak’s pivot offers a route for tech platforms under pressure

• Bukalapak’s path gives other tech companies a clear example from the end of the “growth-at-all-costs” era, with a company director saying the focus is on stronger fundamentals over rapid expansion 2.
• The approach means leaving crowded sectors that burn cash and putting more weight on digital items such as in-game currency, gaming vouchers, and other virtual goods 2.
• Investors still seem cautious about the new model.
• After the profitable 2025 result, Bukalapak’s price-to-earnings ratio stood at 4.46, well below the industry average of about 19 1.
• That gap suggests long-term confidence in a tighter business focus is still hard to win, even after operations turn profitable 12.