Rachmat Kaimuddin Resigns from Bukalapak Amid Business Expansion and Diversification Efforts

President Director of PT Bukalapak.com Tbk. Rachmat Kaimuddin officially submitted his resignation from the company on December 28, 2021. This was also conveyed in a disclosure published by the company today (29/12). The resignation application will also be submitted by taking into account the provisions of the Company's articles of association and the applicable laws and regulations.

It was further stated that Rachmat would accept assignments from the state and work for the government, although the details of where he was placed were not stated.

Rachmat officially becomes the director of Bukalapak effective as of January 6, 2020 replace Ahmad Zaky. In his leadership, the company has achieved a number of achievements, including the successful IPO on the Indonesia Stock Exchange. Previously, in early 2021 Bukalapak also managed to close the series G funding round as an IPO companion with an achievement of 5,7 trillion Rupiah.

One of Rachmat's strategies is to encourage companies to achieve profitability and reduce the money-burning method. Since the end of 2020, the business model that has been implemented has been "on track" towards profit. At that time, Rachmat said that Bukalapak's 50% market share came from transactions outside tier-1 cities with the partnership program as the main driving force.

No new CEO announcement yet

The company has not announced a new director who will lead Bukalapak. Besides Rachmat, the company has 4 directors including Teddy Oetomo (President, CSO), Willix Halim (COO), and Natalia Firmansyah (CFO).

On December 23rd, Bukalapak also just held an Extraordinary General Meeting of Shareholders produce a number of deals. First, approve the resignation of Lau Eng Boon because he has entered retirement age. Second, the change in focus on the utilization of the proceeds from the IPO -- 33% will be used as working capital, 34% to develop the 6 owned subsidiaries, the rest will be used for other purposes, including the possibility of adding a new subsidiary.

Regarding performance, as of Q3 2021 Last year, Bukalapak reported a total revenue of Rp1,34 trillion, which was triggered by significant growth in the revenue of Bukalapak Partners, an increase of 42% compared to the same period last year. To maintain growth, the company is also still experiencing operational losses of Rp 1,2 trillion, down from the same period last year which amounted to Rp 1,4 trillion.

Ready to expand to the Philippines

According to the latest e-Conomy SEA report, as of 2021 GMV generated from business E-commerce in Indonesia reached $ 53 billion and is projected to increase to $ 104 billion in 2025. Of course, this is a huge potential and must be put to good use by Bukalapak, which has core business in that field.

In the midst of business competition E-commerce fiercely, Bukalapak diversified its business. This includes strengthening the Partner program, BIB investment services, B2B e-commerce services through BukaProcurement, and marketplace aset game through Five Jacks.

The company is also seeking regional expansion. One of them is indicated by the opening of vacancies for positions Country Manager in the Philippines. We have asked the company for information regarding this matter, but the company does not want to comment because it is still focused on the leadership success that will occur.