The company operates two key business units: Bukalapak Marketplace connects buyers and sellers, while Mitra Bukalapak serves mom-and-pop kiosks known as Warungs. This year’s total processing value is set to reach about US$9 billion, President Teddy Oetomo said during a conference call Tuesday evening from Jakarta.
“Indonesia offers a strong growth momentum,” Oetomo said, adding he thinks the company’s valuation is “still at an attractive level.”
Analysts are bullish too, with all nine tracked by Bloomberg recommending buying Bukalapak shares.
Bukalapak's shares have fluctuated since landmark IPO
Using the Mitra Bukalapak app, shop owners can order instant noodles and other goods when their inventory gets low, all delivered to their doorsteps. The Mitra platform also allows them to help customers without access to internet and banking services to pay electricity bills and send money digitally.
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- Second-quarter revenue rose 37% to 440 billion rupiah, while loss before interest, taxes, depreciation and amortization narrowed by about a third to 407 billion rupiah
- Mitra Bukalapak’s contribution to the company’s revenue increased to 33% in the second quarter from 12% a year earlier
- First-half revenue from Mitra Bukalapak more than quadrupled to 290 billion rupiah
- First-half total processing value at Mitra Bukalapak more than tripled to 23.9 trillion rupiah
Photo: Bloomberg
