Bukalapak

Bukalapak (IDX: BUKA) is an Indonesian e-commerce company. It was founded in 2010 as an online marketplace to enable small and medium enterprises go online[1][2] and has expanded to support smaller traditional family owned businesses (warungs).[3][4][5]

PT Bukalapak.com Tbk
TypePublic
IDX: BUKA
ISINID1000162001
IndustryE-commerce
HeadquartersJakarta, Indonesia
Key people
Achmad Zaky
Fajrin Rasyid
Nugroho Herucahyono
Number of employees
2000
Websitewww.bukalapak.com

As of 2019, the company has more than 4.5 million SME sellers, 70 million monthly active users, 1.9 million warung partners, and averaging two million transactions per day.[6][7] It is one of the largest e-commerce company in Indonesia and was the fourth unicorn startup in Indonesia.[8][4][5] Bukalapak was the largest listing ever on the Indonesian Stock Exchange at the time of its IPO in 2021 when it managed to raise up to US$1.5 billion but lost almost 66% of its value six months later.[9][10]

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

Bukalapak was founded in 2010 by Achmad Zaky with two of his college friends from Bandung Institute of Technology, Fajrin Rasyid and Nugroho Herucahyono.[11] Bukalapak's first major success was when folding bicycles started trending in 2010. At that time there were many communities selling various types of bikes and biking accessories, which played a significant role in increasing Bukalapak's users.

The nickname "Pelapak" is a common term used to call the sellers in Bukalapak.[12]

In 2019, Bukalapak laid off hundreds of employees. The layoffs were the result of an adjustment in strategy and efficiency improvements. The company is discontinuing its smart retail and internet-of-things divisions leading to job cuts among engineers.[13] The startup also shed some marketing roles because of overexpansion, but core functions like digital marketing remain unaffected.

Finances

Less than a year after being founded, Bukalapak received an additional capital from Batavia Incubator (a merged company from Rebright Partners, led by Takeshi Ebihara from Japanese Incubator and Corfina Group). In 2012, Bukalapak received another additional investment from GREE Ventures led by Kuan Hsu.[14]

In March 2014, Bukalapak announced that it received an investment by Aucfan, IREP, 500 Startups, and GREE Ventures.[15]

From Emtek's 2015 financial statements (49% owners of Bukalapak shares), it is known that Bukalapak has obtained investment fund from Emtek totaling up to Rp 439 billion. However, in 2015, Bukalapak is still losing Rp 229 billion, with revenues of Rp 6.4 billion.[16]

In January 2018, Bukalapak, alongside Tokopedia, Shopee, and PayTren was halted and keep frozen by Bank of Indonesia.[17]

In January 2019, Bukalapak announced an undisclosed funding round by Mirae Asset-Naver Asia Growth Fund, a joint venture between Seoul-based Mirae Financial Group and Naver, the company behind LINE messaging service.[18]

Board of directors
  • President Commissioner/Independent Commissioner: Bambang Brodjonegoro
  • Independent Commissioner: Yenny Wahid
  • Commissioner: Adi Sariaatmadja
  • Commissioner: Lau Eng Boon
  • Commissioner: Zhang Lu
  • Chief Executive Officer: Rachmat Kaimuddin
  • Strategic Director: Teddy Oetomo
  • Operational Director: Willix Halim
  • Finance Director: Natalia Firmansyah

Awards
  • Achmad Bakrie Award XVI 2018 — Technology and Entrepreneurship[19]
  • YouTube Pulse 2018 — Best Ads – Nego Cincai[20]
  • Citra Pariwara 2017 — Bronze – Digital Viral and Email Marketing[21]
  • Tangrams Awards — E-commerce Asia Pacific[22]
  • EY Entrepreneur of the Year — Achmad Zaky – Technology and Digital Category[23]
  • PR Awards Marketing Magazine Southeast Asia 2017 — Best PR-led Integrated Communications & Best Direct-to-Consumer PR Campaign[24]
  • YouTube — The Most Popular Video in Indonesia – Pendekar Jari Sakti (Medok)[25]
  • The President of Indonesia, Joko Widodo — A medal of honor Satyalancana Wira Karya[26]

See also

References
  1. 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.
  2. "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.
  3. "Indonesia expects to have more than 5 unicorns by 2019: minister". Reuters. Archived from the original on 19 May 2019. Retrieved 28 June 2019.
  4. "What are unicorn companies?". The Jakarta Post. Archived from the original on 17 June 2019. Retrieved 28 June 2019.
  5. "Bukalapak officially becomes Indonesia's fourth unicorn startup". The Jakarta Post. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  6. "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.
  7. "Transaksi Tahunan Bukalapak Tembus US$5 Miliar". Bisnis Indonesia. 31 July 2019. Archived from the original on 1 August 2019. Retrieved 1 August 2019.
  8. "Indonesia expects to have more than 5 unicorns by 2019: minister". Reuters. Archived from the original on 19 May 2019. Retrieved 28 June 2019.
  9. "Bukalapak Targets $1.5 Billion in Biggest Indonesia IPO". Bloomberg.com. 9 July 2021.
  10. "Indonesia's Largest IPO Turns Into a Flop as Bukalapak Falls". Bloomberg.com. 19 January 2022. Retrieved 20 January 2022.
  11. "Achmad Zaky – Endeavor Indonesia". endeavorindonesia.org. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  12. "Bukalapak trains small entrepreneurs one city at a time". The Jakarta Post. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  13. "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.
  14. "Tech in Asia - Connecting Asia's startup ecosystem". Techinasia.com. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  15. "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.
  16. "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.
  17. "Nasib Gantung Dompet Digital Bukalapak dan Tokopedia Usai Dibekukan". Tirto.id. 15 January 2018. Retrieved 19 January 2022.
  18. "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.
  19. "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.
  20. 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.
  21. 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.
  22. "Tangrams - Asia Pacific Marketing Effectiveness & Strategy - 2017 e-Commerce". Tangrams.asia. Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  23. "Archived copy". Archived from the original on 29 March 2019. Retrieved 1 March 2019.{{cite web}}: CS1 maint: archived copy as title (link)
  24. "Winners - PR Awards 2017 Southeast Asia". Archived from the original on 29 March 2019. Retrieved 28 March 2019.
  25. "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.
  26. 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.
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