INDONESIAN e-commerce company Bukalapak posted an 86 per cent rise in revenue on year to 788 billion rupiah (S$75.4 million) for its first quarter ended Mar 31, 2022.

Mitra Bukalapak – which serves mom-and-pop kiosks known as warungs – was a main growth driver, amid an improvement in its product mix and a broader range of service offerings, the Indonesian-listed company said on Thursday (Apr 28).

Revenue of Mitra was up 227 per cent on year at 472 billion rupiah, while its contributions to the company’s overall revenue also rose to 60 per cent in the quarter, from 34 per cent in the same period a year ago.

Bukalapak also recorded a net profit of 14.5 trillion rupiah in the quarter, largely due to a rise in operating income from a gain from its investment in Allo Bank. In Q1 last year, it posted a net loss of 324 billion rupiah.

Meanwhile, the company’s overall adjusted loss before interest, taxes, depreciation and amortisation was 372 billion rupiah in the quarter.

In the quarter, the company’s total processing value (TPV) grew 25 per cent to 24.1 trillion rupiah, amid a 34 per cent increase in the number of transactions between the first quarter of 2021 and 2022.

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Some 74 per cent of the company’s TPV is from outside the tier 1 regions of Indonesia, where it continues to see strong growth in all-commerce penetration and digitising trends from offline micro retail stores, Bukalapak said.

Bukalapak went public in 2021 in Indonesia's biggest initial public offering at the time, and its key shareholders include Singapore's GIC and Archipelago Investment.

The company, together with conglomerate Salim Group, said it was subscribing to a planned 4.8 trillion rupiah rights issue by digital lender Allo Bank earlier in January, to tap on its digital banking capabilities.