Bukalapak

Business focus

Internet, E-commerce & Platforms

Description

Bukalapak was one of Indonesia's e-commerce pioneers, staging the country's largest-ever IPO in 2021, raising $1.5 billion. Under pressure from Shopee and TikTok Shop, its stock collapsed over 85% from the IPO price, and physical-goods sales fell to under 3% of revenue (down 14.8% YoY in Q3 2024). In early 2025 it shut down its physical-goods marketplace entirely (completed March 2, 2025) to pivot fully to digital products like bill and utility payments.