Top Indonesia’s Biggest E-Commerce Companies-Based on the company that listed in Indonesian Stock Exchange (IDX), there are 3 biggest e-commerce companies that has huge market in online markets. They provide the marketplace to their customers and have developed into Unicorn with billion US Dollars of Assets and Millions of Revenues. Most of the Indonesian people knows their names because some of them depend on them to do the online trading transactions.
We showed the 3 companies that listed in the Indonesian Stock Market (IDX) because we can analyze the financial condition and performance from Annual Report in 2021. By the Way, the non-public e-commerce companies can’t be included in this list because we can’t do the access of annual report. The e-commerce companies that have huge markets in Indonesia, namely Shopee, Lazada, JD.ID. These companies are closed companies.
Basically, this company was relatively newbie in the business era. The director or high-level management comes from the young people. They create new ideas and apply it to the Indonesian market. With the help of foreign or local investors, they strive to implements their ideas with start-up companies that they have built.
Like the other start-up companies in foreign country, Indonesian start-up companies also have pooled the money from Investors or ventures capital. With huge incoming invested money. Hopefully they can grow faster and can lead the business market. A large amount of money that they have sacrificed to build the business model and get the customers. They struggle with other competitors that has the same business models. By the way, how their financial conditions after several years do the business. It came from Annual Report of each company that we have collect the data from it.
The Ranks of the Indonesian E-Commerce Companies Based on the Assets
| Ranks | Name of Companies | Assets | Assets | Liabilities | Liabilities | Equities | Equities |
|---|---|---|---|---|---|---|---|
| In Indonesian Rupiah (IDR) | in US Dollar (USD) | In Indonesian Rupiah (IDR) | in US Dollar (USD) | In Indonesian Rupiah (IDR) | in US Dollar (USD) | ||
| 1 | PT GoTo Gojek Tokopedia Tbk | 155 Trillion | 10.3 Billion | 16 Trillion | 1 Billion | 139 Trillion | 9.2 Billion |
| 2 | PT Bukalapak.com Tbk | 26.6 Trillion | 1.7 Billion | 3.1 Trillion | 2 Billion | 23.4 Trillion | 1.5 Billion |
| 3 | Bibli.com | 18.3 Trillion | 1.2 Billion | 8.3 Trillion | 0.5 Billion | 10 Trillion | 0.66 Billion |
| Source : Annual Report, 2021 | |||||||
| Currency Rate : 1 US Dollars (USD) = 15,000 Rupiah (IDR) | |||||||
The ranks above come from the Balance sheet of company in Annual Report. Balance sheet describes the Assets, Liabilities, and Equities of the company. Assets basically is the physical and non-physical assets that company has owned in doing the business. Meanwhile, the Liabilities is the obligation or debt that company must be paid off. In addition, Equities is the difference values between assets and liabilities. Some people call it the net assets. From balance sheet, we can analyze the financial condition of company. The bigger assets/ liabilities ratio, the healthier of the companies because they have few of debts. Company with little of debts can expand or enlarge their business size.
The Ranks of the Indonesian E-Commerce Companies Based on Net Revenue
| Ranks | Name of Companies | Net Revenue | Net Revenue | Net Income (Loss) | Net Income (Loss) |
|---|---|---|---|---|---|
| In Indonesian Rupiah (IDR) | in US Dollar (USD) | In Indonesian Rupiah (IDR) | in US Dollar (USD) | ||
| 1 | Bibli.com | 8.8 Trillion | 0.58 Billion | (-3.9 trillion) | (-0.2 Billion) |
| 2 | PT GoTo Gojek Tokopedia Tbk | 4.5 Trillion | 0.3 Billion | (-22.4 Trillion) | (-1.4 Billion) |
| 3 | PT Bukalapak.com Tbk | 1.8 Trillion | 0.12 Billion | (-1.6 Trillion) | (-0.1 Billion) |
| Source : Annual Report, 2021 | |||||
| Currency Rate : | |||||
| 1 US Dollars (USD) = 15,000 Rupiah (IDR) | |||||
The Ranks above was arranged by Net Revenue. These data came from Income Statements of Annual Reports. Basically, Income Statements describes the Revenue, Cost, Expense, Profit/loss of the company in doing the business in specific times. In this table above, all of the e-commerce companies showed negative results with suffered losses in 2021.
1. Gojek Tokopedia (Goto)
Gojek Tokopedia is one of the leading comprehensive digital platforms in Indonesia. Basically, this company was founded with the merger between PT Gojek Indonesia commonly known as Gojek (food delivery and logistic and mobility services company) and PT Tokopedia or commonly known as Tokopedia.com (online marketplace with diverse products) in 2021. Based on each of the company, Historically, Gojek was founded by Nadiem Makarim, Kevin Aluwi, and Michaelangelo Moran in October 5th, 2010. Meanwhile, Tokopedia was founded William Tanuwijaya and Leontinus Alpha Edison on 6 February 2009.
To date Goto has different lines of business, namely Gojek, Tokopedia, and Goto Financial. Gojek operates in 3 difference lines, namely Mobility (GoRide, GoCar, GoBlueBird, GoTransit), Food Delivery (GoFood,GoMart, CLoudKitchen), and Logistics (Gosend, GoKilat, Goshop, GoBox). Furthermore, Tokopedia has some services in providing E-commerce, Logistics and Fulfilment, and advertising and marketing technology. Goto Finansial provides some services including Payment Services (GoPay, Iris, Midtrans), Financial Services (GoPayLater, Goinvestasi, GoModal, Gosure), and Business Solutions (GoBiz, Moka).
Along with business development, Goto has become one of the largest companies in Indonesia with more than 2.6 million driver partners, more than 1 million of GoFood partners, more than 140 million of daily delivery service, and has more than 12 million of sellers in tokopedia platform Financially, in 2021, based on its annual report, Goto has Assets around IDR 155 trillion or equivalent with USD 10.3 Billion. Meanwhile, Liabilities was around IDR 16 trillion or equivalent with USD 1 Billion. Based on the business performance in 2021, GoTo has generated net revenue IDR 4.5 trillion or equivalenet with USD 0.3 Billion and Net Loss around IDR -22.4 Trillion or equivalent with USD -1.4 Billion. According to the ownership, the majority shareholders of GoTo were Taobao China Holding Limited (9.9%), SVF GT Subco (Singapore) Pte. Ltd. (9.8%), Government of Singapore (6.5%), and Public ownership (69%).
2.Bukalapak
PT Bukalapak.com Tbk is Indonesian e-commerce company that was founded by Achmad Zaky, Fajrin Rasyid, and Nugroho Herunucahyono in January 10th, 2010. This is one of the leading e-commerce companies besides tokopedia, Blibi, Shopee, Lazada, and others. Along with business development of the company, Bukalapak has more than 6.5 million online sellers and 7 million partners of offline sellers in Indonesia. Furthermore, Bukalapak also has expanded supply of wholesale products to 28 provinces in Indonesia through a partnership with more than 300 local distributors.
Financially, based on Annual report in 2021, Bukalapak has assets around IDR 26.6 trillion or equivalent with USD 1.7 Billion and Liabilities around 3.1 Trillion or equivalent with USD 2 Billion. Based on business performance, Bukalapak generated Net Revenue around IDR 1.8 trillion or equivalent with USD 0.12 Billion and suffered net loss around IDR -1.6 Trillion) or equivalent with USD -0.1 Billion. Based on the shareholders compositions, to date, the majority shareholders of this company were PT Kreatif Media Karya with ownership percentage around 23,93%, API (Hong Kong) Investment Limited with percentage 13,05%, Archipelago Investment Pte. Ltd.with ownership percentage 9,45%, and the rest ownerships were public with percentage around 53,58%.
3. Blibi
PT Global Digital Niaga Tbk. or commonly known as Blibli.com is Indonesian ecommerce companies. Along with online business, Bibli also acquired some companies to strengthen their business. In 2017, Blibli acquired tiket.com to encourage its expansion in the field of travel, including transportation and accommodation bookings. Furthermore, In 2021, Blibli will acquire PT Supra Boga Lestari Tbk, a company that manages a number of supermarkets such as Ranch Market and Farmers Market.
Financially, in 2021, based on Annual Report, Bibli has assets around IDR 155 trillion or equivalent with USD 10.3 Billion with liabilities around IDR 16 trillion or equivalent with 1 billion. Based on business performance, Bibli generated net revenue IDR 8.8 trillion or equivalent with USD 0.58 Billion and suffered net losses around IDR -3.9 trillion or equivalent with USD -0.2 Billion. Based on shareholder composition, the majority shareholders of Bibli were Global Investama Andalan with percentage of ownership around 83% and Public with 16% of ownership.
References of Top Indonesia’s Biggest E-Commerce Companies
Goto.2023. Annual Report 2021. Accessed via https://www.gotocompany.com/en/investor-relations/financial-information on April 16th, 2023
Bukalapak.2023. Annual Report 2021. Accessed via https://about.bukalapak.com/id/investor-relations/ on April 16th, 2023
Blibli. 2023. Annual Report 2021. Accessed via https://about.blibli.com/id/investor-relations/prospectus on April 16th, 2023