Amidst the increasingly intense dynamics of competition in the digital industry, Indonesia-based technology firm PT. Bukalapak.com Tbk (BUKA) has carried out a strategic transformation aimed at prioritizing sustainable growth and long-term value creation.
The firm said in a statement that without overlooking the importance of scaling the business, the company now emphasizes a more measured approach.
The company has recalibrated its business model to strengthen its core fundamentals and focus on segments with a clearer path to profitability.
Since the beginning of 2025, BUKA has officially ceased the sale of physical products through its application and website.
The company now concentrates on four main business lines: Mitra Bukalapak, gaming, investment, and retail.
“This transformation reflects management’s efforts to ensure that each business segment remains relevant to the evolving market dynamics, while simultaneously delivering a stronger economic impact,” said Cut Fika Lutfi, Corporate Secretary of BUKA.
BUKA highlighted that the initial results of this strategic transformation are evident in the company’s financial performance.
On a year-on-year basis, the firm’s revenue growth has shown strong performance.
Throughout 2025, BUKA recorded a revenue of IDR 6.5 trillion ($362.52 million), representing an increase of approximately 46 percent year on year from IDR 4.5 trillion in the same period of the previous year.
This robust growth indicates that all of the company's main business lines are increasingly contributing to the overall performance of the company, while supporting the transformation toward sustainable profitability.
In addition, another crucial aspect is that BUKA successfully maintained strong growth momentum at the beginning of 2026, where revenue increased by 63 percent year on year from IDR 1.5 trillion in the first quarter of 2025 (1Q25) to IDR 2.4 trillion in the first quarter of 2026 (1Q26).
BUKA also achieved a milestone of positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of IDR 4 billion in 1Q26, up from a negative position of IDR 20 billion in 1Q25, driven by a strengthened top-line as well as ongoing operational optimization.
The company’s strategic moves now rely on accelerating four main business lines that synergize with one another.
Through the Online-to-Offline (O2O) platform Mitra Bukalapak, the company said it is committed to empowering micro, small, and medium enterprises (MSMEs), particularly traditional grocery stores (warung) and individual agents, through B2B2C solutions that transform conventional stores into integrated modern retailers.
As a local digital service hub, Mitra Bukalapak utilizes a multi-channel distribution approach to provide a variety of virtual products such as mobile credit, data packages, electricity tokens, and game vouchers.
Meanwhile, operating under Multi Realm Games (MRG), the gaming business line is the largest contributor to BUKA’s revenue.
MRG serves as a holding entity that integrates BUKA’s gaming ecosystem, including Lapakgaming and itemku.
These platforms provide instant top-up services, digital vouchers, and a secure C2C marketplace backed by an escrow system, fostering trust within the gaming community.
MRG also continues to strengthen its presence in global, regional, and domestic markets through strategic consolidation and collaboration.
As for investment segment, BUKA presents BMoney, an OJK-licensed investment platform focused on driving financial inclusion through access to affordable instruments, such as mutual funds, stocks, bonds, and gold.
It has now successfully managed an asset under management (AUM) of IDR 6 trillion, reached over 1 million users, and recorded consistent profitability.
Complementing the portfolio, the firm’s retail business line continues to show a positive trend by focusing on fashion and lifestyle products that emphasize creativity and sustainability.
Through strategic partnerships with international brands such as ADLV, National Geographic, and LifeWork, as well as the development of solid in-house brands, BUKA said it is optimistic about maximizing the potential of the retail segment to contribute even more significantly to the company’s overall performance.
Through this more focused business model, BUKA said it continues to maximize the potential of each of its business segments while strengthening the company’s fundamentals to become more resilient and competitive in the digital era.
Bukalapak’s revenue surges 63 percent year on year in first quarter