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Bukalapak revenue jumps 46% on gaming growth
Bukalapak, an Indonesian ecommerce platform, said it posted 46% year-on-year revenue growth in 2025 as consolidated revenue rose to 6.5 trillion rupiah (US$384.3 million) from 4.5 trillion rupiah (US$266 million) in FY24.
The company said fourth-quarter revenue was 1.8 trillion rupiah (US$106.4 million), up 9% quarter-on-quarter, driven by growth across its major segments.
The gaming segment, via Itemku and Lapakgaming, contributed 1.5 trillion rupiah (US$88.7 million) in 4Q25, up 8% quarter-on-quarter.
Mitra Bukalapak posted 191 billion rupiah (US$11.3 million) in 4Q25, the investment unit via B‑Money recorded 25 billion rupiah (US$1.5 million), up 39% quarter-on-quarter, and retail reported 74 billion rupiah (US$4.4 million), up 12% quarter-on-quarter.
Bukalapak said it cut its adjusted EBITDA loss to negative 62 billion rupiah (US3.7 million) in FY25 from negative 340 billion rupiah (US$20.1 million) in FY24, with a 4Q25 adjusted EBITDA loss of negative 9 billion rupiah (US$532,064).
Adjusted EBITDA plus net interest income rose to 747 billion rupiah (US$44.2 million) in FY25 from 692 billion rupiah (US$40.9 million), and the company held 17.8 trillion rupiah (US$1 billion) in cash, cash equivalents, and liquid investments.
Victor Putra Lesmana, director, said the company is prioritizing long-term business sustainability.
🧠 Food for thought
Implications, context, and why it matters.
Bukalapak’s business model shift helped drive improved financials
- Results improved after a shift in early 2025 when the company stopped selling physical goods and focused on digital services 1.
- The change came as bigger rivals such as Shopee and TikTok Shop squeezed margins, while physical sales made up under 3% of Bukalapak’s total revenue at the time 1.
- Bukalapak also regrouped operations into four segments, Mitra Bukalapak, gaming, retail, and investment, to match how it plans to run the business going forward 1.
The company’s cash pile is being used to support a share buyback
- Bukalapak is tapping cash reserves to pay for a share buyback program 2.
- It bought 268.77 million shares, lifting its treasury stake to 5.94% 3.
- This approach often fits mature tech firms when the market price sits below net cash and assets, part of an industry move away from a “growth-at-all-costs” mindset toward clearer shareholder returns 4.
Recent Bukalapak developments
🔗 Source: Bukalapak
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