Bukalapak in its Q3/2021 financial report revealed that its total processing value (TPV) grew by 45% on an annual basis to Rp31.2 trillion or 51% on a year-to-date basis to Rp87.9 trillion. 

The TPV growth was supported by a 25% (yoy) increase in transaction volume and a 21% (yoy) increase in average transaction value.

Bukalapak’s revenue grew by 58% on a year-on-year basis to Rp484 billion in Q3/2021 and 42% on a year-to-date basis to Rp1.3 trillion. 

Bukalapak cites Mitra Bukalapak as its main growth engine. By the end of September 2021, Bukalapak has managed to sign 10.4 million Mitra, compared to 6.9 million Mitra as of December 2020. 

Mitra’s contribution to the company’s overall TPV increased from 33% in Q3/2020 to 51% in Q3/2021, supported by an improvement in the product variety as well as service offerings to Mitra. Mitra Bukalapak’s revenue grew by 258% (yoy) to Rp206 billion in Q3/2021, up 42% than that in Q2/2021. 

Bukalapak also managed to cut its operational expenses. Operating expense ratio to TPV came in at 2.7%, compared to 3.9% in the same period last year. 

In addition, Bukalapak successfully curbed its losses even further. EBITDA loss was 15% better than that in the same period last year. The company also managed to curb its operating loss by 13% to Rp1.216 trillion in Q3/2021 from Rp1.402 trillion in Q3/2020 and reduced net loss by 19%. 

Despite such growth, from 22 November until 7 December, Bukalapak shares continued to plummet. Yesterday, BUKA fell 6.58% to Rp426 apiece from the previous day’s closing. BUKA has fallen by 49.88% from its initial public offering price of Rp850. 

However, in the past few hours, BUKA became the most bought share by foreign investors  with a net buy of Rp22.7 billion at 09.08 WIB today (8 December). BUKA rose to 7.21% to Rp476 apiece today.