Jakarta, Gizmologi – After spending Rp1.19 trillion last January at Allo Bank (BBHI), Bukalapak (IDX:BUKA) is now continuing its new “toy” at Allo by launching AlloFresh. Apart from Bukalapak, the investors are the same as those at Allo Bank, namely CT Corp owned by Chairul Tanjung and Growtheum Capital Partners.
There is a reason why they created a platform whose name is somewhat similar to HelloFresh and HappyFresh. Despite a significant increase in e-commerce activity, the online market for shopping for daily necessities is still below 2% compared to Indonesia’s total retail expenditure for daily necessities.
“This figure is very low when compared to the share of daily necessities (groceries) of the total retail expenditure in Southeast Asia which reaches 50%. As the Independent Commissioner of AlloFresh, I am enthusiastic about providing millions of Indonesians with the convenience of online shopping for everyday goods,” said Olivier Legrand, Transaction Advisory Member of Growtheum Capital Partners.
For those who are not familiar, Growtheum Capital is an investment consortium filled with a number of startup companies to Southeast Asian conglomerates, mostly Indonesia. These include Emtek, Carro, Triputra, Traveloka, Kopi Kenangan, Temasek, VN Life, and others. Two projects that have recently been worked on by Growtheum Capital are Allo Bank and AlloFresh.
What is AlloFresh?
AlloFresh is an online grocery shopping platform that offers more than 150,000 stock-keeping units (SKUs) across 144 categories. AlloFresh offers fast delivery options within 3 hours as well as quick commerce services throughout Indonesia.
Bukalapak’s digital expertise and deep understanding of customer online behavior is an important part of AlloFresh to redefine this category and become a pioneer in the market. The integration process with the largest offline retail company in Indonesia for daily needs also helps accelerate the transformation of Bukalapak’s business from a general platform to a special platform.
Meanwhile, Trans Retail Indonesia has a broad product range with the most popular suppliers and manufacturers of food and household products in Indonesia. Bukalapak customers can now order their daily needs through the AlloFresh application which is available on the App Store and Google Playstore, as well as “Click & Go” at TRANSMart stores. As an initial stage, AlloFresh can send orders for daily needs shopping for customers in the Jakarta area.
Composition of share ownership in AlloFresh
Bukalapak, CT Corp through PT Trans Retail Indonesia (Trans Retail) and Growtheum Capital Partners through Berani Investment Pte Ltd (BIP), have formed a joint venture named PT Allo Fresh Indonesia. To start its business, on the Bukalapak page, it is stated that AlloFresh received initial funding of Rp. 1 trillion. However, CNBC Indonesia reports that Bukalapak is known to have deposited a capital of Rp. 777.8 billion by owning 35% shares, while Trans Retail and BIP have 55% and 10%, respectively.
Chairul Tanjung, Chairman of CT Corp, said that as a leading modern retailer in the country, his party always provides the best prices and quality experiences to customers. Continue to innovate to meet customer needs and be at the forefront of providing shoppers with an omnichannel as well as an offline and online experience.
“Partnerships with technology players who already have a deep understanding of online user behavior as well as with financial investors who know the market closely make us optimistic about the future together, especially as most markets will move online over the next few decades,” said Chairul Tanjung.
Meanwhile, Willix Halim, CEO of Bukalapak said, “The presence of AlloFresh strengthens Bukalapak’s position as a leading all-commerce technology company, including in online-to-offline (O2O) services, as well as developing wider contact points to customers in the retail ecosystem.
“As was done in the Mitra Bukalapak initiative, the combination of a unique model and profitable collaboration with strategic partners will provide a great opportunity to serve the growing demand in this segment,” he added.
Will this corporate action boost Bukalapak’s performance? The last published financial report is the performance of the third quarter of 2021. Bukalapak’s performance is reported with Total Processing Value (TPV) in the first 9 months of 2021 (9M21) growing 51% to Rp 87.9 trillion. Mitra Bukalapak is the main driver of growth which increased 179% to Rp 40.0 trillion compared to the same period the previous year.
Bukalapak’s revenue in 9M21 grew 42% from the previous year to Rp 1.3 trillion. However, the operating loss was still Rp 1.2 trillion in 9M21. Meanwhile, Bukalapak’s share price on the IDX continued to decline, whereas of today (4/3) it closed at Rp324.
The Indonesian version of this article can be read in Gizmologi.ID