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Bukalapak scores 86 percent jump in Q3 revenue
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An undated photo of Juragan Buhari, one of Bukalapak's partners, standing behind his stall. (Bukalapak/-)
B
ukalapak has turned in yet another positive performance this year as the company managed to grow its year-on-year (yoy) revenue by 86 percent as of the third quarter, as announced in a press statement about the company’s financial report released on Sunday.
In the third quarter of 2022, Bukalapak raked in revenue of Rp 898 billion (US$5.7 million), boosting its profit streak this year after the positive first half, thanks to its investment in Allo Bank.
“Following sustainable positive quarter-to-quarter revenue growth, the company is focusing on bringing in revenue with lower cost and for the first time securing positive margin contribution,” said Bukalapak in a press statement.
Unlike most businesses in the same field that use gross merchandise value (GMV) to measure their performances, Bukalapak uses a matrix called total processing value (TPV), in which the unicorn claims to have consistent growth despite its wobbly performance in the stock market last year.
Read also: Allo Bank investment boosts BUKA net profit in first half of 2022
The company said that it had been performing well in TPV terms as it grew by 32 percent to Rp 41.3 trillion compared with the same period in the previous year.
Around 74 percent of this came from the Indonesian Tier-1 region where all-commerce penetration and the digitalization trend among small businesses and traditional retail stores have been showing strong growth.
Bukalapak partners’ contribution to the company’s revenue also rose by 10 percent yoy in the third quarter and the TPV figure increased by 23 percent yoy to Rp 19.7 trillion.
The company claimed that this growth in partners was built up by the development of product and service variation it offered its partners, which meant that in September Bukalapak boosted its partner number to 15.2 million, which marks an increase from 11.8 million by the end of December last year.
Within the first nine months of 2022, Bukalapak’s revenue increased to Rp 2.5 trillion, a 92 percent increase from the same period last year.
“Bukalapak has been pushing down costs and incentives, simultaneously with keeping on pushing revenue growth. Bukalapak has shown its capability in doing that, which is very important in helping the company to reach profitability in the future,” said the statement.
