The unicorn bankrolled Allo to the amount of Rp 1.19 trillion (US$80 million) at the start of the year and now it is second only to CT Corp in terms of the digital bank share ownership with 11.49 percent.

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As a result BUKA raked in an operational profit of Rp 8.6 trillion in the first half of 2022, as opposed to the Rp 776 billion operational loss it suffered in the same period last year, according to a company press release.

The company also registered a net profit of Rp 8,590 billion this year, a turnaround from the Rp 767 billion net loss in the first half of 2021.

“Although the company has scored a net profit in the first half of 2022, we remain focused on operational performance. Therefore, the management still uses adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] as the company’s performance indicator,” said Bukalapak management in the press statement.

Unlike most businesses in the same field who use gross merchandise value (GMV) to measure their performances, Bukalapak has been doing it using a matrix called total processing value (TPV), in which the unicorn claimed to have consistent growth despite its wobbly performance in the stock market.

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BUKA booked the amount of -Rp 732 billion of adjusted EBITDA, whose ratio to TPV had shown an improvement from -1.2 percent in 2021’s first half to -1 percent in the first half of this year.

In the second quarter of 2022, Bukalapak’s TPV figure amounted to Rp 36.5 trillion, which was a 24 percent increase on last year. The management said the surge in total transactions also contributed to the company’s TPV growth.

“[Around] 75 percent of the company’s TPV came from Indonesia’s tier-1 regions, where all-commerce penetration and the digitalization of warung [food stalls] and traditional retailers has shown strong growth,” said the release.

Moreover, Bukalapak also credited its TPV growth to its partners, saying they are the “main motor of the company’s growth”.

“This partnership growth is supported by the development of product variations and services offered by Bukalapak to the partners. By June 2022, there were 14.2 million partners, which is an increase from 11.8 million at the end of December 2021. […] We are committed to focusing on strategies that will lead us to strong and sustainable growth that is followed by good load management,” Bukalapak said.