Bukalapak’s Remarkable Q3: 29% Revenue Increase and Profitability on the Horizon
Bukalapak reports a 29% revenue increase in Q3 2023, setting its sights on achieving profitability by year-end.
In a noteworthy achievement, Bukalapak marked its seventh consecutive quarter of improved adjusted EBITDA performance during Q3 2023. This exceptional run was complemented by a substantial 29% year-over-year surge in revenue, amounting to a robust 1.16 trillion rupiah (equivalent to US$72.6 million).
Bukalapak’s President, Teddy Octomo, expressed his optimism, stating that the company is firmly “on target” to achieve profitability by the close of 2023, primarily based on adjusted EBITDA metrics.
Looking forward, he emphasized the company’s commitment to sustaining and expanding profitability throughout 2024 and 2025. This achievement marks a significant milestone for the company, setting a positive trajectory for its financial future.
Marketplace Success: Bukalapak’s Revenue Soars with 57% Growth
Most of Bukalapak’s revenue in Q3 came from its marketplace business, witnessing a remarkable 57% year-on-year growth.
In a stark contrast to the same period the previous year, the majority of Bukalapak’s revenue in Q3 2023 stemmed from its thriving marketplace businesses, marking an impressive 57% year-on-year growth.
Additionally, the online-to-offline segment, Mitra Bukalapak, reported a solid 16% revenue increase during the quarter.
Furthermore, the company’s adjusted EBITDA loss exhibited remarkable progress, improving by a significant 71% year-on-year. This exceeded the expectations that Bukalapak had set while reporting its full-year 2022 results.
Bukalapak’s Strong Q3 Performance
In Q3, Bukalapak’s adjusted EBITDA loss improved by 71%, aided by reduced expenses and a 2.82% take rate, while the contribution margin soared by 492%, signifying a bright future for the company.
In a year-over-year shift, the majority of the company’s revenue now stems from its marketplace businesses, growing impressively by 57%.
The online-to-offline segment, Mitra Bukalapak, also saw a solid 16% increase in revenue during the quarter.
Notably, the overall take rate increased to 2.82%, attributed to improved sourcing and supply chain operations.
Bukalapak achieved a substantial contribution margin of US$11.4 million, showing a remarkable 492% YoY increase.
Of significance, the online-to-offline unit achieved a positive contribution margin for the first time in September 2023.
President Oetomo expressed optimism about the ongoing margin expansion, highlighting the company’s strong momentum and promising future growth prospects.
