Top 30 Indonesian E-Commerce Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
GoTo Gojek Tokopedia Tbk
Bukalapak.com Tbk
Global Digital Niaga Tbk
Matahari Putra Prima Tbk
Erajaya Swasembada Tbk
Sumber Alfaria Trijaya Tbk
Mitra Adiperkasa Tbk
Metrodata Electronics Tbk
Multipolar Technology Tbk
Multipolar Tbk
Global Mediacom Tbk
Elang Mahkota Teknologi Tbk
Surya Citra Media Tbk
DCI Indonesia Tbk
Telkom Indonesia Tbk
XL Axiata Tbk
Indosat Tbk
Sarana Menara Nusantara Tbk
Link Net Tbk
Kioson Komersial Indonesia Tbk
NFC Indonesia Tbk
M Cash Integrasi Tbk
Distribusi Voucher Nusantara Tbk
Cashlez Worldwide Indonesia Tbk
Telefast Indonesia Tbk
Anabatic Technologies Tbk
Sinarmas Multiartha Tbk
Bank Jago Tbk
Bank Neo Commerce Tbk
Gihon Telekomunikasi Indonesia Tbk
2) Revenue results of major public companies in Indonesia summarized (per company)

1. GoTo Gojek Tokopedia Tbk Revenue: Rp4.7 trillion (USD 281 million), Adjusted pre-tax profit: Rp62 billion (USD 3.7 million), YoY growth: +21%. GoTo delivered its first adjusted profitability milestone, driven by improved monetization across Tokopedia and on-demand services.
2. Bukalapak.com Tbk (BUKA) Revenue: Rp4.72 trillion (USD 283 million) Net profit: Rp2.9 trillion (USD 174 million)
Bukalapaks strong profitability reflects its strategic pivot toward virtual products and digital services, improving margins significantly.
3. Global Digital Niaga Tbk Estimated revenue: USD 150 to 200 million (Q3)
Blibli maintained steady growth supported by omnichannel retail integration and ecosystem synergy (tiket.com, Ranch Market).
4. Matahari Putra Prima Tbk Estimated revenue: USD 120 to 150 million
Driven by hybrid retail + e-commerce strategy, focusing on FMCG and grocery.
5. Erajaya Swasembada Tbk Estimated revenue: USD 800+ million (group, partial e-commerce exposure). Strong online channel growth via electronics retail platforms.
6. Sumber Alfaria Trijaya Tbk Estimated revenue: USD 2 billion. E-commerce expansion via click-and-collect and last-mile integration.
7. Mitra Adiperkasa Tbk Estimated revenue: USD 400 to 500 million. Premium retail brands driving online channel expansion.
8. Global Fashion Group Estimated revenue: USD 200 to 250 million (regional) Facing margin pressure but improving logistics efficiency.
9. Multipolar Technology / Lippo ecosystem digital commerce entities Estimated revenue: USD 100 to 150 million. Leveraging enterprise and marketplace integration.
10. Metrodata Electronics Tbk Estimated revenue: USD 500+ million (partial e-commerce contribution). Growth supported by B2B e-commerce and IT distribution platforms.
3) Key trends & insights from Q3 2025
1. Profitability Over GMV Growth
Companies prioritize EBITDA and net income instead of aggressive subsidies.
GoTos profitability milestone signals industry-wide discipline.
2. Rise of Ecosystem Models
Integration of E-commerce, Fintech (BNPL, wallets) and Logistics
Super-app strategies dominate (GoTo, Shopee, TikTok ecosystem).
3. Digital Products & Services Expansion
Bukalapaks pivot to virtual goods (telco, gaming, utilities) reflects:
Higher margins
Lower logistics cost
4. Regulatory Pressure Increasing
New tax frameworks (0.5% SME levy) could impact sellers and margins.
5. Market Consolidation
TikTokTokopedia deal reshaping competitive dynamics.
Risk of monopoly flagged by regulators.
4) Outlook for Q4 2025 and beyond
Growth Drivers
Peak season (Harbolnas 12.12, year-end campaigns)
Expansion of AI-driven personalization & logistics optimization
Continued SME onboarding
Financial Outlook
Industry expected to deliver:
1018% revenue growth YoY
Improved EBITDA margins (26% range for leading players)
Strategic Directions
Increased focus on:
Profitability
Fintech monetization
Private-label and first-party retail
Risks
Regulatory tightening (taxation, antitrust)
Margin pressure from competition
Dependence on consumer spending
5) Conclusion
Q3 2025 represents a turning point for Indonesias e-commerce sector:
The industry is transitioning from hypergrowth to profitability
Leading players like GoTo and Bukalapak demonstrate financial discipline and scalable business models
Ecosystem integration (commerce + fintech + logistics) is now the dominant competitive strategy
Despite regulatory challenges and competition, Indonesia remains one of the most attractive digital commerce markets globally, with strong long-term fundamentals driven by demographics, mobile adoption, and SME digitization.

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