Bukalapak Launches the ‘BukuMitra’ Financial Recording Application

PT Bukalapak Tbk (IDX: BUKA) officially launched the BukuMitra application aimed at MSME players. Previously, BukuMitra was still part of the Mitra Bukalapak application.

Through its official statement, the BukuMitra application offers a number of financial management features, such as digital bookkeeping and debt recording. Business owners ranging from food stalls, credit kiosks, food stalls, laundry services, to social commerce can take advantage of these features.

There are also media features that make it easy for users to create posters, catalogs, business cards, and banners to promote their business to their friends or colleagues.

President of Bukalapak, Teddy Oetomo, said that the Mitra Bukalapak application has helped 8.7 million MSME players throughout Indonesia to develop their business scale. For example, from a shop or shop that initially only sells daily necessities, it becomes a place to buy game vouchers, pay bills, to become a delivery agent.

However, often these growing businesses are still managed using traditional bookkeeping methods with notebooks or paper. Meanwhile, this method is considered risky because it can be accidentally wasted, lost, or something spilled.

“This is what underlies the birth of the SaaS feature at Mitra Bukalapak. This feature has been used by more than 300 thousand users to do books and record debt. With this success, Mitra Bukalapak launched the BukuMitra application so that more and more small-scale business actors manage their business effectively and efficient,” he said.

Teddy said, all bookkeeping records of BukuMitra users will be stored in the cloud, thereby reducing the risk of data loss if the user’s device is damaged.

On the same occasion, Bukalapak Commissioner Bambang Brodjonegoro added that the presence of a financial recording application such as BukuMitra could contribute to realizing one of the achievements of the Sustainable Development Goals (SDGs) proclaimed by the United Nations, namely economic growth and reducing inequality.

“There are 64 million MSME actors in Indonesia which are estimated to contribute to more than 60% of the country’s GDP and employ 97% of the country’s population. With the BukuMitra application, this will provide opportunities for MSME players to grow and align with modern retail business players and positive impact on the national economy.”

MSMEs Go Digital

The digitization of MSMEs is one of the potentials that are being worked on seriously by startup actors in Indonesia. This digitalization is not only offered in the form of a payment system, but also derivative services that are relevant to their business model. 

Such as recording or financial bookkeeping. Some Indonesian startups that offer similar products or applications include Credibook, Payfazz, and Lababook. 

For example, Payfazz Buku, this application provides a number of integrated features for agents/partners, ranging from sales reports, product stock reports, financial records, billing, to payments.

This digital acceleration momentum is also being used by the Government to achieve the digitalization target of 30 million MSMEs in 2023. 

According to data from the Ministry of Cooperatives and Small and Medium Enterprises, the number of MSMEs that have been on-boarding to the digital ecosystem has reached 15.9 million or 24.9% of the total 65 million MSMEs in Indonesia. 

Bukalapak Shares (BUKA) Closer to IPO Price

The share price of PT Bukalapak.com Tbk. closer to the IPO price after strengthening for three consecutive days. The issuer with the stock code BUKA closed trading (10/11/2021) by parking in the green zone.

The technology issuer rose 6.38 percent and ended trading at Rp750 per share. Over the past three days the tech stock has gained at least 12 percent. Meanwhile, in the past week, foreign investors have made purchases of up to IDR 156.18 billion.

Meanwhile, Panin Sekuritas analyst William Hartanto said that Bukalapak’s shares would tend to strengthen. “It seems that Bukalapak’s stock has strengthened because it has entered the oversold phase,” he told Bisnis on Wednesday (11/10/2021).

William estimates that Bukalapak’s stock will continue to strengthen with resistance at Rp770 per share. On the other hand, according to him, the JCI is vulnerable to correction. This is because investors have the potential to take profit.