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Bukalapak’s revenue grew 35% in 1H 2021 on the back of O2O business

Bukalapak’s revenue in the first half of 2021 grew 35% year-on-year to IDR 864 billion (USD 60.5 million), and grew 37% YoY in the second quarter to IDR 440 billion (USD 30.8 million), according to the company’s quarterly financial report released on Tuesday. Its offline-to-online business, Mitra Bukalapak, which equips micro-retailers with digitized operations, carried significant revenues to the tune of IDR 290 billion (USD 20.3 million) in the first half of the year.

The firm’s total processing value (TPV) grew by 56% in the second quarter to IDR 29.4 trillion (USD 2 billion), and increased 54% in the first six months of 2021 to IDR 56.7 trillion (USD 3.9 billion), compared to the same periods last year. The financial report said that 75% of the company’s TPV in the first half of 2021 came from business conducted beyond tier-1 cities.

Mitra Bukalapak was the main driver for this development. Its TPV increased by 237% in Q2 to IDR 14.2 trillion (USD 995 million), with a 227% increase to IDR 23.9 trillion (USD 1.6 billion) in the first half of the year, compared to the same periods in 2020. Its contribution to the company’s overall TPV increased from 22% in Q2 2020 to 48% in Q2 2021. The firm had 8.7 million Mitra Bukalapak agents, up from 6.9 million at the end of December 2020.

Bukalapak’s earnings before interest, taxes, depreciation, and amortization (EBITDA) loss in Q2 was IDR 407 billion (USD 28.5 million), a 31% improvement compared to the second quarter of 2020.

Bukalapak debuted on the Indonesia Stock Exchange, or IDX, on August 6. While its share price climbed 25% on the first day of trading, a selloff led to plummets in the first and second week, caused disappointment among retail investors.

Read this: As millions come online each year, rural Indonesia is in for monumental changes

Khamila Mulia
Khamila Mulia
Khamila Mulia is a seasoned tech journalist of KrASIA based in Indonesia, covering the vibrant innovation ecosystem in Southeast Asia.

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