Bukalapak has enjoyed solid second-quarter revenue growth thanks to the strong performance of its Mitra business, which focuses on digitalising the operations of warungs, which are roadside kiosks. This has resulted in the tech firm’s revenue climbing by 105 percent, netting it US$60.4 million. 

The Indonesian e-commerce giant, founded by Achmad Zaky, has been racing to tap into this overlooked market and grow its influence in the rural areas of the island nation by bringing warungs to the digital age. Bukalapak acts as a one-stop procurement service for these businesses, enabling the family-owned stores to source their inventory and sell digital products like phone credit and mobile game vouchers.

According to some e-commerce industry experts, Bukalapak has an edge over its competitors as it has formed strong ties with conglomerates in Indonesia, such as Elang Mahkota Teknologi (Emtek) and CT Corp.

The Microsoft and Ant Group-backed company reported a net profit of US$571 million in the first half of 2022, which was a 1,220 percent jump from a net loss of US$52 million a year ago. The company is also said to enjoy a strong cash position holding US$1.34 billion as of June 2022. 

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