Bukalapak's Future Relies Heavily on Mitra Bukalapak and Allo Bank

Summary

PT Bukalapak.com Tbk (BUKA) grew in the first half of 2022. In the first quarter, its total processing value (TPV) went up by 24 percent to Rp 36.5 trillion, supported by a 24 percent growth in the number of transactions. As many as 75 percent of Bukalapak's TPV came from outside tier 1 regions in Indonesia, where the all-commerce penetration and the trend of digitizing local and traditional retail stores are getting stronger. Meanwhile, at the same time, Mitra Bukalapak posted a 25 percent increase in TPV to Rp 17.7 trillion, bringing the total in the first half of 2022 to Rp 35.0 trillion or up 46 percent year-on-year. The growth was supported by the increasing number of products and services. By the end of June 2022, the number of registered Mitras or partners reached 14.2 million, an increase from 11.8 million at the end of December 2021.

Bukalapak's revenue in the first half of this year increased by 96 percent to Rp 1.69 trillion, while Mitra Bukalapak's revenue grew by 235 percent to Rp 970 billion in the same period. Mitra Bukalapak's contribution to BUKA's revenue increased from 33 percent in the second quarter of 2021 to 55 percent in the second quarter of this year. Bukalapak recorded a net profit of Rp 8.59 trillion in the first half of 2022, significantly better than the realized figure in the first half of 2021, where Bukalapak recorded a net loss of Rp 767 billion.

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