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A platform for the people

• Congratulations to 500-backed e-commerce company Bukalapak for their landmark achievement of reaching adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) profitability in the first quarter of financial year 2024, generating US$922,500 in adjusted EBITDA in Q1 2024! 
• This marks a 142% year-on-year improvement from FY2023. “This is a fantastic result for the company, which has been achieved with strong top-line revenue growth, a thriving take rate – especially in the O2O (online-to-offline) segment – and excellent cost control,” shared President Teddy Oetomo.
• Primarily driven by the company’s continued success in Mitra, a platform for Indonesia’s warung community, the company also noted that 64% of their total processing value (TPV) is from outside the Tier 1 regions of Indonesia, where they continue to see strong growth in all-commerce penetration and digitizing trends among offline micro retail stores.
• The company shared that technology investment enabled the firm to continue to improve user experience and reduce execution times.
• Teddy added that the team is focused on sustainable and profitable growth in the coming quarters and throughout 2025 as they continue to capture the growth opportunities within their Mitra, gaming, and e-retailing businesses.
• Read the full story on TechNode Global.