Bukalapak

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

PT Bukalapak.com Tbk
TypePublic
IDXBUKA
ISINID1000162001
IndustryE-commerce
Founded2010
Founders
HeadquartersJakarta, Indonesia
Key people
  • Teddy Oetomo (president)
  • Willix Halim (CEO)
  • Natalia Firmansyah (CFO)
  • Bambang Brodjonegoro (president commissioner)
Owners
  • Kreatif Media Karya (23,93%)
  • API (Hong Kong) Investment (13,05%)
  • Archipelago Investment (9,45%)
Number of employees
2000 (2020)[1]
Websitebukalapak.com

PT Bukalapak.com Tbk is an Indonesian e-commerce company. It was founded in 2010 as an online marketplace to facilitate online commerce for small and medium enterprises (SME).[2][3] Bukalapak later expanded to digitise small family-owned businesses, known in Indonesia as warungs.[4][5][6] The company is involved in the operations of approximately 25% of Indonesian warungs through its Mitra programme.[7]

As of 2021, Bukalapak serves over 100 million users and seven million partners, and processes an average of over two million daily transactions.[8][9][10] It is one of the largest e-commerce companies in Indonesia and is its fourth startup to become a unicorn.[4][5][6] Its initial public offering (IPO) on the Indonesian Stock Exchange was the largest ever at the time, in 2021, when it raised up to US$1.5 billion, though it lost nearly 66% of its market value six months later.[11][12]

History[edit]

Former logo of Bukalapak, used from 2016 until 23 March 2020.

Bukalapak was co-founded in 2010 by Achmad Zaky after he graduated from the Bandung Institute of Technology, together with his friend Nugroho Herucahyono. Bukalapak means "open a market stall" in Indonesian. Zaky's friend, Fajrin Rasyid, joined the duo to manage Bukalapak's finances.[13] The premise of Bukalapak was simple—to digitise transactions for small businesses.

Bukalapak's early phase of development coincided with the popularity of fixie bikes, when many sellers in the community sold various types of bikes and biking accessories. Bukalapak focused on working with these sellers, which led to it being known as a marketplace for bikes at one point. It also contributed to the growth of its user base.[14] The term "pelapak" is commonly used to describe the sellers working with Bukalapak.[15] By 2013, the company recorded an average of IDR 500 million in daily transactions, and was working with more than 80,000 sellers.[16]

In December 2019, Zaky announced his plan to resign, and officially resigned in January 2020, appointing Rachmat Kaimuddin as Bukalapak's new CEO.[17] Herucahyono also resigned as CTO, later starting a venture fund for early-stage startups with Zaky. Rasjid departed in June 2020 to join Telkom Indonesia.[18]

The departure of Bukalapak's entire co-founding team coincided with the laying off of employees. Hundreds of employees from its smart retail, internet of things, and marketing divisions were retrenched as part of a change in strategy.[19] Kaimuddin is credited with recruiting blue chip venture capitalists and for leading the company's IPO in August 2021, which was the largest in Indonesia to date. He resigned four months later after be appointed as Technology and Sustainability Development Special Advisor Deputy at Coordinating Ministry for Maritime and Investments Affairs.[20] Bukalapak's COO, Willix Halim took over as CEO.[21]

Finance[edit]

Following a shaky start, Bukalapak secured funding in June 2011 to keep its operations running, when Japanese venture capitalist Takeshi Ebihara from Batavia Incubator invested IDR 2 billion in the company. Ebihara was a mentor of the co-founders.[14]

In February 2014, Indonesian conglomerate Emtek participated in Bukalapak's Series A round, investing for a stake that was less than 20%. Emtek's financial statements in 2015 indicated that Bukalapak received funds from Emtek totalling up to IDR 439 billion.[22] As of July 2020, Emtek holds 35.17% of the company's shares after adjustments—the largest stake among the shareholders.[14] Bukalapak also received investments from Aucfan, IREP, 500 Startups, and GREE Ventures.[23]

In January 2019, Bukalapak announced the completion of an undisclosed funding round by Mirae-Asset-Naver Asia Growth Fund, a joint venture between South Korean companies Mirae Financial Group and Naver.[24] In November 2020, Microsoft invested US$100 million in Bukalapak as part of a deal that would see the latter adopt Microsoft Azure as its preferred cloud platform.[10]

By June 2022, two-third of Bukalapak's revenue originated from partner companies, with the remaining third from e-commerce.[25] That month, it also announced that losses were expected to exceed US$100 million for the fiscal year, though revenue is expected to rise by over 60%.[26]

Leadership[edit]

Role Appointed[27]
President Commissioner Bambang Brodjonegoro
Independent Commissioners Bambang Brodjonegoro, Zannuba Arifah
Commissioners Adi Wardhana Sariaatmadja, Lu Zhang
President Teddy Oetomo
CEO Willix Halim
CFO Natalia Firmansyah

Awards[edit]

  • HR Awards 2022 — Excellence in Workplace Wellbeing[28]
  • Achmad Bakrie Award XVI 2018 — Technology and Entrepreneurship[29]
  • YouTube Pulse 2018 — Best Ads – Nego Cincai[30]
  • Citra Pariwara 2017 — Bronze – Digital Viral and Email Marketing[31]
  • Tangrams Awards — E-commerce Asia Pacific[32]
  • EY Entrepreneur of the Year — Achmad Zaky – Technology and Digital Category[33]
  • PR Awards Marketing Magazine Southeast Asia 2017 — Best PR-led Integrated Communications & Best Direct-to-Consumer PR Campaign[34]
  • YouTube — The Most Popular Video in Indonesia – Pendekar Jari Sakti (Medok)[35]
  • The President of Indonesia, Joko Widodo — Satyalancana Wira Karya[36]

See also[edit]

References[edit]

  1. ^ Redd, Dani (2020). "Fairness Through Technology". www.apacoutlookmag.com. APAC Outlook Magazine. Retrieved 15 July 2022. "founded in 2010... only been in operation for a decade, but it already has 2,000 employees".
  2. ^ Putri, Liviani (23 July 2018). "Achmad Zaky Founded Bukalapak to Improve Small Businesses". Prestige. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  3. ^ "Indonesia's Newest Unicorn Now Wants to Take on the Big Boys". Bloomberg LP. 12 April 2018. Archived from the original on 1 August 2019. Retrieved 1 August 2019.
  4. ^ a b "Indonesia expects to have more than 5 unicorns by 2019: minister". Reuters. Archived from the original on 19 May 2019. Retrieved 28 June 2019.
  5. ^ a b "What are unicorn companies?". The Jakarta Post. Archived from the original on 17 June 2019. Retrieved 28 June 2019.
  6. ^ a b "Bukalapak officially becomes Indonesia's fourth unicorn startup". The Jakarta Post. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  7. ^ "Perpetual persistence: Bukalapak draws new users into the digital economy (Part 2 of 3)". KrASIA. 22 July 2020. Retrieved 24 July 2022.
  8. ^ "Bukalapak claims it's on track for $5b in GMV for 2019". Tech in Asia. 31 July 2019. Archived from the original on 1 August 2019. Retrieved 1 August 2019.
  9. ^ "Transaksi Tahunan Bukalapak Tembus US$5 Miliar". Bisnis Indonesia. 31 July 2019. Archived from the original on 1 August 2019. Retrieved 1 August 2019.
  10. ^ a b "Bukalapak raises new funds from Microsoft, eyes local listing, report says". KrASIA. 14 April 2021. Retrieved 5 July 2022.
  11. ^ "Bukalapak Targets $1.5 Billion in Biggest Indonesia IPO". Bloomberg.com. 9 July 2021.
  12. ^ "Indonesia's Largest IPO Turns Into a Flop as Bukalapak Falls". Bloomberg.com. 19 January 2022. Retrieved 20 January 2022.
  13. ^ "Achmad Zaky – Endeavor Indonesia". endeavorindonesia.org. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  14. ^ a b c "Perpetual persistence: Bukalapak's reversal of fortunes (Part 1 of 3)". KrASIA. 21 July 2020. Retrieved 24 July 2022.
  15. ^ "Bukalapak trains small entrepreneurs one city at a time". The Jakarta Post. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  16. ^ Lukman, Enricko (8 January 2014). "Bukalapak melejit di tahun 2013, memproses Rp 15 miliar tiap bulannya". Tech in Asia (in Indonesian). Retrieved 24 July 2022.
  17. ^ "Indonesia's Bukalapak CEO to resign from post". asia.nikkei.com. Nikkei Inc. 29 December 2021. Retrieved 13 July 2022.
  18. ^ "Perpetual persistence: Bukalapak's new identity after all co-founders moved on (Part 3 of 3)". KrASIA. 23 July 2020. Retrieved 24 July 2022.
  19. ^ "Bukalapak sheds hundreds of smart retail, internet-of-things, and marketing roles". Tech in Asia. Archived from the original on 14 September 2019. Retrieved 11 September 2019.
  20. ^ "Bukalapak Tunjuk Willix Halim Jadi Dirut Baru, Saham Langsung Menguat".
  21. ^ Burgos, Jonathan (30 December 2021). "Bukalapak CEO Resigns Months After Leading Indonesian E-Commerce Firm's Historic IPO; Shares Fall". Forbes. Retrieved 14 July 2022.
  22. ^ "EMTEK Suntikkan Dana Total 432,69 Miliar Rupiah ke Bukalapak.com". 4 May 2016. Archived from the original on 13 October 2017. Retrieved 20 February 2018.
  23. ^ "Bukalapak secures series A financing round from Japan's GREE Ventures". Dailysocial.id. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  24. ^ "Bukalapak confirms new funding round by Mirae Asset-Naver Asia Growth Fund". 16 January 2019. Archived from the original on 18 May 2019. Retrieved 1 September 2019.
  25. ^ Tani, Shotaro (2 June 2022). "Bukalapak races to bring Indonesian roadside kiosks online". ft.com. Financial Times. Retrieved 14 July 2022.
  26. ^ SHIBATA, Nana; SDAMAYANTI, ISMI (28 June 2022). "Indonesia's Bukalapak expects wider loss in 2022". asia.nikkei.com. Nikkei Inc. Retrieved 13 July 2022.
  27. ^ "About Us - Our Leaders". bukalapak.com. PT Bukalapak.com. Retrieved 14 July 2022.
  28. ^ "2022 Finalists".
  29. ^ "Ini Empat Tokoh Penerima Penghargaan Achmad Bakrie XVI 2018". Viva.co.id. 14 August 2018. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  30. ^ Triwijanarko, Ramadhan (3 September 2018). "Masih Ingat Kampanye Nego Cincai Bukalapak? Seperti Ini Kisahnya". Marketeers.com. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  31. ^ Agustinus Mario Damar (11 December 2017). "Video Kampanye Bukalapak Sabet 3 Piala Citra Pariwara 2017". Liputan6.com. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  32. ^ "Tangrams - Asia Pacific Marketing Effectiveness & Strategy - 2017 e-Commerce". Tangrams.asia. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  33. ^ "EY Entrepreneur of the Year - 2017 winners - EY - Indonesia". Archived from the original on 29 March 2019. Retrieved 1 March 2019.
  34. ^ "Winners - PR Awards 2017 Southeast Asia". Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  35. ^ "Mas Medok Pendekar Jari Sakti Masuk Top 3 Iklan Terpopuler". Liputan6.com. 8 June 2016. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  36. ^ Jeko I. R. (21 July 2016). "Bukalapak Raih Penghargaan Satyalancana Wira Karya dari Jokowi". Liputan6.com. Archived from the original on 29 March 2019. Retrieved 28 March 2019.