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It’s been a rather exciting 12 months for Indonesian ecommerce major Bukalapak. In August 2021, it made history as the country’s first unicorn to be listed on its stock exchange, and earlier this year, it appointed a new CEO.
Overall, things seem to be looking up for the company, as it reported a 29% increase in revenue for the fourth quarter of 2021, largely due to its Mitra Bukalapak arm. As the ecommerce titan continues to take big steps in the sector, we’ve decided to examine how sustainable Bukalapak’s strategy is by laying out its financial performance from the last four years.
Speaking of sustainability, do fill out this CDP x Tech in Asia questionnaire survey if you’d like to take the next step in your company’s sustainability journey.
Today we look at:
- Bukalapak’s financial journey since 2018
- A new esports partnership with YGG SEA
- Other newsy highlights such as Elon Musk getting sued and new funds for an AI-based heart ultrasound startup.
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Retracing Bukalapak’s steps
Image credit: Timmy Loen
Even amid the many success stories of Indonesia’s tech startup scene, Bukalapak has firmly made a name for itself, especially following its public listing last year. One good way – though certainly not perfect – to assess whether it will remain a major player in the coming years is to examine its financial health. By looking at trends within these figures, perhaps we can ascertain if Bukalapak will truly live up to its reputation as an ecommerce titan.
- A steady push: Bukalapak has had a tough road to get to this point, with net losses constantly over US$100 million. That said, its progress seems to point to a light at the end of the tunnel. The company’s net revenue has been on a consistent upward climb, going from US$20.4 million in 2018 to US$130.1 million last year.
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To the moon: Bukalapak’s cash position has traditionally been a modest affair. In fact, it was on a downward trend from 2018 to 2020, as its cash and cash equivalents fell from US$143.5 million to US$103.9 million. That all changed last year, with the firm’s public listing putting US$1.7 billion in its coffers.
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The secret sauce? Behind these encouraging figures is the company’s steadily growing Mitra Bukalapak service, which focuses on small retailers. Four years ago, it got a measly US$1 million in net revenue. Last year could not be any more different, as the unit earned US$56.9 million in net revenue, bringing its operating margin losses down to US$38 million.
Read more: Bukalapak’s financial performance in 8 charts
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