Indonesia-listed e-commerce unicorn Bukalapak has injected capital into nine of its subsidiaries worth 656.6 billion rupiah (about $39 million) to strengthen its internal operations, according to the company’s recent disclosure to the Indonesian Stock Exchange (IDX).
These subsidiaries comprise the Mitra, supply chain, and digital ecosystem where Bukalapak directly or indirectly owns over 99% stake.
“The company and its subsidiaries entered into an affiliated transaction as part of the company’s business strategy,” Bukalapak said in a statement.
As of Q4 2024, Bukalapak had 57 subsidiaries, both direct and indirect, according to regulatory filings. However, the company has been consolidating its operations, shifting focus toward Mitra Bukalapak, gaming, investment, and select retail services.
This strategic pivot stems from continued losses in non-core business units, which despite contributing significantly to total payment volume (TPV), failed to deliver meaningful returns. As part of this streamlining, Bukalapak previously deconsolidated six entities, including PT Recommerce Internasional Indonesia (RII), ItemX Technology Pte. Ltd (ITP), Recommerce Singapore Pte. Ltd, Circular Commerce Pte. Ltd, iPrice Ventures Sdn Bhd (IPV), PT Berkat Valas Indonesia (BVI), as well as Fun People Together Pte. Ltd (FPT) and Cellar Technology Venture Pte (CTV).
In addition, Bukalapak shut down Kingkong Meats, its quick commerce platform; and discontinued its physical goods marketplace early this year to shift to virtual products.
The restructuring costs weighed on the company’s 2024 earnings—losses widened by 12% in the year to 1.55 trillion rupiah ($95 million). The management expects the result of its transformation to start reflecting in the first quarter of 2025.
“We expect the results of our transformation to start reflecting in the first quarter of 2025, with both revenue and contribution margin projected to grow approximately in double digits quarter-over-quarter,” said Victor Lesmana, Bukalapak’s director, during an analyst meeting on Thursday after the company announced its Q4 earnings.
Buyback initiative
Around the same time, on March 25, 2025, Bukalapak also launched a jumbo share buyback programme worth 1.9 trillion rupiah, which was initiated without shareholder approval and set to run until June 25, 2025.
As of the latest update, the company has repurchased 220 million shares—equivalent to 0.21% of its outstanding shares—at an average price of 143.03 rupiah apiece, amounting to 31.52 billion rupiah. This leaves 1.86 trillion rupiah in remaining buyback funds.
“The primary goal is to protect and create value for public shareholders, especially amid heightened market volatility and macroeconomic uncertainty,” Bukalapak said in its disclosure to IDX on April 24.
“This buyback initiative is intended to stabilise the company’s fundamentals amid market fluctuations and to sustain stakeholder confidence in Bukalapak’s pursuit of long-term, sustainable growth,” the management added.
Bukalapak emphasised that this buyback demonstrates the company’s robust liquidity and sound financial standing, as it has not disrupted its financial, operational, or investment activities.
The company also reaffirmed its commitment to continuously evaluate new investment opportunities—including operational expansion and business innovation—with a selective, sustainable, and value-driven approach aimed at delivering long-term shareholder value.
