Rachmat Kaimuddin and Bukalapak's Ambition Towards a "Sustainable Company"

Succession is a rare thing among startups, especially Indonesian unicorn startups. Nevertheless, Bukalapak realizes that it needs to have a new leader in order to reach a higher stage.

In order to become a company that sustainable, Rachmat Kaimuddin was trusted by the Founders to lead the Bukalapak marketplace service to coincide with the company's 10th anniversary.

He comes from a professional circle with various leadership experiences across industries. Most recently he served as Director of Finance and Planning at Bank Bukopin.

Rachmat started his career as a Senior Associate at a consulting management firm, Boston Consulting Group. This place has also been visited by M Fajrin Rasyid before starting Bukalapak with Achmad Zaky and Nugroho Herucahyono.

In a short interview session with DailySocial, Rachmat admitted that leading a technology company was not actually the target of his career journey. He dreams of a job that gives him the opportunity to create an immediate social impact.

"There is an opportunity that happens to be in line with my ideals, I don't know when this will be there again. It's not about Bukalapak that cool [because of a technology company] or just a unicorn, but as a company that can create a lot of impact and it looks like I can contribute and the opportunity [to do that] is there," he said, Friday (10/1).

Broadly speaking, the appointment of Rachmat was directed to focus on three things. Ensuring Bukalapak as an organization that sustainable, has strong resources and benefits all stakeholders, expanding the reach of MSMEs nationally and internationally, online and offline, through technology and innovation.

Lastly, making the company a place for the talents of the country to learn, work, and benefit the country. Thus, Bukalapak can continue its journey as a company that can last more than a century, the probability is only 0,0045% globally.

"I came to an organization that was already big, more mature for governance, risk compliance, corporate infrastructure that Typically should be built too. Those are the things that they [founders and shareholders] expect from me."

Under Rachmat's leadership, he made sure to maintain the company's vision and mission. Moreover, the founders of Bukalapak themselves are still active and carry out their respective duties according to their capacity.

Together with Fajrin who is the President of Bukalapak, there are a number of divisions of tasks. Rachmat will be responsible for the entire company. While Fajrin will be responsible for external relations, governance compliance, compliance, and legal.

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Bukalapak's status is no longer a startup. Entering the 10th year, the company achieved milestone with more than 70 users and visits to the app through 420 million times per month. There are five million sellers and three million Bukalapak partners who have joined.

In terms of financial records, it is claimed to be quite good by bringing valuation reaches $2,5 billion. As of December 12, 2019, the company recorded a 30% increase in transactions year-on-year, as well as being the highest transaction of all time.

All of these performances cannot be underestimated, meaning that more and more people depend on Bukalapak for their lives. This means that to survive in the next stage, Bukalapak must strengthen its infrastructure and become a sustainable, without denying the startup spirit which is the company's DNA.

In addition, not all startups achieve unicorn status, so it can be said that this is a national asset. There is a moral responsibility to succeed and make the country proud.

Rachmat himself has an educational background engineering and finances. Many things were taught and were able to lead him as a company leader. Engineer teaches logic problems, looking at something complex to simplify.

From there, he learned to always analyze problems so that he was never afraid when he saw something difficult. Meanwhile, science Finance it's not just a matter of calculating numbers, the common thread in it is to help in making the most effective business decisions for the company.

"So from the basic sciences, so far I can [lead] any kind of business, all this time I've been moving around industries, I love you role all kinds of things, thank God survive and always get support."

The basic knowledge also helped him, especially when he led a bank. From there make his understanding of risk, compliance mature enough and can be distributed to Bukalapak.

"There is risk that means for brakes, a sign that if you want to go fast, don't go too far because the brakes don't work. This company wants to go fast, with experience in governance risks and compliance, I can help with that."

Likewise, his experience when leading companies in the real sector, in the service and manufacturing sectors, his understanding of the chain from the producer side is quite deep.

"I will pass on these experiences to Bukalapak. Basic logic and leadership Also, I hope this white and thinning hair can be useful for friends [at Bukalapak]."

The leadership style that he applied both at his previous company and at Bukalapak itself also has similarities. It adheres to the concept open egalitarian, do not put yourself as a boss but as a co-worker, and open communication.

"It just so happens that the communication culture here is very fluid, where I have previously applied it to the team, I can say anything, assume I have good intentions for the organization, so I continue what has been formed."

Next company strategy

He believes that under his leadership, Bukalapak will become a company that sustainable, can print significant profits and business growth so there is no need for an injection of funds. These conditions are in contrast to what is happening today, contrary to the concept sustainable.

According to him, it is very possible if you can create the right business model formula. Growth between revenue and revenues may outpace growth in costs and expenses. When the curve passes through it, it is clear that Bukalapak's dream is to become a company that sustainable can be realized.

"We will find out which ones can produce and boost them. There are many companies that can continue to grow and profit, so I see that it is not something that is impossible [for technology companies]."

But that doesn't mean, towards a company that sustainable, have to come back do layoffs. Rachmat ensured that the decision would not be taken again as it was last year. In the previous management there was an internal arrangement that required these decisions to be taken. Now Bukalapak has around 2.100 employees.

"I think we're done. 2019 is there ups and downs, this year we are more optimistic, now it's just the beginning of the year and the days are still long."

The e-commerce competition map, he continued, did not make him worried. Each player has their own market share, as well as Bukalapak. Statistically, only five percent of micro and small businesses have just been touched by digital.

The higher the number, of course there will be more new values, new markets, and new products that can be sold. Not all of these things are thought to happen in the future. "We are istiqomah. What we see and is true will push there and of course with careful calculation and planning."

"I always say we have to be the best version of ourselves. We can't be someone else. Bukalapak was born 10 years ago for a certain mission, we must continue to develop in a better direction every day to serve user us," he concluded.