Heaptalk, Jakarta — Giant e-commerce Bukalapak has closed its revenue worth US$72.6 million (around RP1.16 trillion), elevating 29% YoY in the third quarter (Q3) 2023. Despite gaining fantastic growth, the bottom line of this tech company with an issuer code BUKA still performed a business loss worth US$48.7 million, approximately Rp776.22 billion in this quarter.
Nevertheless, the President of Bukalapak, Teddy Oetomo, claimed he was amazed by the company’s financial report’s results this quarter, significantly increasing the contribution margin by almost six-fold. As is well known, the report revealed that BUKA’s contribution enhanced at Rp182 billion, representing 492% YoY in Q3 2023 due to decreased sales and marketing expenses.
Regarding operations performance, the marketplace revenue elevated 57% YoY, attaining Rp635 billion. The take rate of this business line also grew by 109 points basis, becoming 2,96% in Q3 this year. This result is higher than the previous outcome of only 1.87%, bolstered by enhancing supply chain efficiency and provision.
Along with the growth of the marketplace business and O2O operations, which continue to provide good results in all applications, Teddy admitted that Bukalapak remains on the right track towards profitability in the next quarter after achieving improved adjusted EBITDA for seven consecutive quarters. According to the report, BUKA’s adjusted EBITDA has reached -Rp95 billion in Q3 2023, evolving 71% compared to the last year.
“Following this achievement, we will focus on gaining profitability significantly in 2024 – 2025,” Teddy said.
Bukalapak also increased the take rate by 64 basis points, to 2.82%, compared to the previous 2.17%. The company observed tremendous potential to continue raising rates as the benefits of various products with higher take rates can be felt across future platforms.
“After achieving outstanding results in the first nine months of 2023, we are focused on continuing to achieve good performance. The margin expansion story continues, and our business has good momentum and excellent growth opportunities in the future. Sustainable growth towards profitability remains our main goal,” affirmed
