Indonesian e-commerce giant Bukalapak saw its losses widen by 12% during the year ended December 31, 2024, even as its adjusted EBITDA improved by 28%.
According to its filings with the Indonesia Stock Exchange, Bukalapak’s losses increased to 1.55 trillion rupiah in 2024 from 1.38 trillion rupiah in 2023. This was primarily driven by a jump in total expenses to 2.5 trillion rupiah in 2024 from 2.12 trillion rupiah the previous year.
In Q4 2024 (October-December), the company’s losses surged 61% to 955 billion rupiah from 593 billion rupiah in Q4 2023. Niko Margaronis, a research analyst at BRI Danareksa Sekuritas, attributed the losses to investments in Bank Allo Indonesia and restructuring costs totalling 426 billion rupiah.
As part of the restructuring, Bukalapak’s workforce was reduced by approximately 200 employees, bringing the total headcount to 1,018.
Bukalapak’s adjusted EBITDA losses in FY2024 narrowed to 340 billion rupiah from 475 billion rupiah in FY2023. However, in Q4 2024, adjusted EBITDA losses more than tripled to 147 billion rupiah from 46 billion rupiah in Q4 2023.
Bukalapak’s financial results
| Unit | Q4 2023 | Q4 2024 | QoQ | FY 2023 | FY 2024 | YoY | |
|---|---|---|---|---|---|---|---|
| Total Revenue | In billion IDR | 1,099 | 1,061 | -4% | 4,438 | 4,460 | 0.5% |
| Adjusted EBITDA | In billion IDR | 46 | 147 | -221% | 475 | 340 | 28% |
| Net Losses | In billion IDR | 593 | 955 | -61% | 1,378 | 1,548 | -12% |
Source: Bukalapak’s presentation
Bukalapak’s total revenue increased marginally to 4.5 trillion rupiah in FY2024 from 4.43 trillion rupiah in FY2023. However, its revenue declined 4% to 1.06 trillion rupiah in Q4 2024 from 1.1 trillion rupiah in Q4 2023. The online-to-offline (O2O) business contributed 56.36% of total revenue, while the marketplace segment contributed the rest.
Despite this, the company stated that it expects marketplace revenue to surpass O2O revenue in the coming quarters as it refines its business strategy. As part of its strategic realignment, Bukalapak has phased out non-core businesses, focusing on operational efficiency and sustainable profitability.
O2O Revenue
Source: Bukalapak’s presentation
Marketplace Revenue
Source: Bukalapak’s presentation
In January 2025, Bukalapak announced the discontinuation of its physical goods marketplace and a shift to virtual products, aiming to reduce losses and focus on profitable segments amid a competitive e-commerce landscape.
While physical product sales contributed less than 3% of total revenue, operational costs for this segment have risen significantly. Over the past three years, the physical product business has shown a decline in revenue contribution and growth, driven by changing market dynamics and industry challenges.
With this transition, Bukalapak said it will prioritise four core business segments—Mitra Bukalapak, gaming, retail, and investment—and adjust its financial reporting structure accordingly, starting Q1 2025.
The company stated that in 2025, it anticipates continued revenue growth and improved contribution margins across its core segments along with enhanced operational efficiency, leading to sustained profitability gains.
“We are confident that our strategic initiatives will help us build a more resilient and profitable business. As our restructuring process remains ongoing and is expected to conclude in the first half of 2025, we anticipate seeing its full impact thereafter. By strengthening our core business pillars and optimizing efficiency, we are on track to achieving sustainable growth and delivering long-term value to our stakeholders,” Willix Halim, CEO of Bukalapak, said in a statement.
DealStreetAsia previously reported that Indonesian conglomerate PT Elang Mahkota Teknologi Tbk (Emtek), through its subsidiary PT Kreatif Media Karya (KMK), has increased its stake in Bukalapak with an investment of 1.3 trillion rupiah ($79.6 million). KMK acquired a 9.44% stake in Bukalapak at 138 rupiah per share, bringing the total transaction value to 1.3 trillion rupiah. Following this acquisition, KMK’s ownership in Bukalapak rose from 24.61% to 34.05%.
According to the latest shareholder ownership announcement, GIC, which previously held a 9.44% stake in Bukalapak, is no longer a shareholder. The current major shareholders include KMK with a 34.05% stake and Emtek with 10.35%.
