Pick.A.

Roo
Preliminary Analysis
December 2022
Context: Bukalapak wants to expands our network with PH conglomerate by
investing into all-in-one delivery services, named “Pick.A.Roo”
Key Reasons for Investing in Pick.A.Roo

1. A big potential market size of e-commerce and food delivery - total addressable
market in 2022 is $16 Bn and expected to grow to IDR $26 Bn in 2025
2. Rapid growth in the first year of establishment - GMV grows significantly by 2290%
as end of 2021 vs 2020
3. Collaborated with +1,400 top local and global brands in Philippine through one of
the largest PH Conglomerate’ channel - this will allow Pick.A.Roo to access exclusive
users and brands within this channel
4. Part of the investment will be channeled back to Smart Sari and pending the
details of a BCA to leverage Alliance Global Conglomerate Network
Market Overview
Market Overview - PH Market for e-commerce and food deliveries are growing rapidly
Philippines’ digital economy is the second-fastest market in Southeast Asia

Digital Economy Growth

Addressable Market for Grocery, Food, and Shop Deliveries (in USD Bn)
2022-2025

Vietnam 31%
E-Commerce (including Grocery) Food & Transport TAM
Philippines 20% CAGR
17%
CAGR
Indonesia 19% 29%

Malaysia 17%
YoY
17%
$16 Bn
Singapore 17% YoY
in 2022
21%
Thailand 15%

PH Digital Economy GMV

$26 Bn
(USD Bn) in 2025
100-150

20%

There is a big potential for e-commerce, food, and grocery deliveries in the
Philippines’ market

Source: E-conomy SEA Reports by Google, Temasek, & Bain Company;

Competition Landscape across e-commerce and food deliveries business (1/2)
Players that offers all-in-one services for food, grocery, and shops are still limited in the Philippines
Products Revenue in 2021 Total Funding
Company Operating Countries Year Launched
Food Grocery Shops (USD Mn) (USD Mn)
v v v 2.14 PH 2020 5

v v v N/A (Not published) PH 2018 N/A (Not published)

v v v N/A (Not published) PH 2020 N/A (Not published)

v v N/A (Not published) PH 2020 N/A (Not published)

v v 7 PH 2015 30

PH, KH, SG, MY, MM, TH,

Foodpanda v v 997.8 2012 749,5
BD, HK, HU, LA, PK, TW, SK

PH, ID, KH, SG, MY, MM,

v v 675 2012 15,500
VN, TH

Not available 8,600

v v 5,100 PH, ID, SG, MY, VN, TH, TW 2015
in PH (SEA Group)

v v 556 PH, ID, SG, MY, VN, TH 2012 5800

PH local players are considered small and typically are the extension of larger retail businesses
(e.g., The SM Store & GoRobinsons)
Competition Landscape: Value Proposition

High AOV*

Pick.A.Roo targets Vertically-Integrated

Better Quality Products
premium customers Higher-Value & Perception
A Superior Product (App) & Service
with a higher AOV
and purchase
frequency across

Multiple Categories
High Frequency,
Low Frequency,
Single Category
multiple categories

While others typically

target customers
with a lower AOV
base or a lower
purchase frequency

AOV: Average Order Value

Low AOV*
Pick.A.Roo is part of a large conglomerate “Alliance Global” in the Philippines

Leading township The Philippines’ biggest The first integrated Holds the master An infrastructure
developer for liquor company and the tourism resort in PH franchise for development arm that
residential, office space, world’s largest brandy that combines hotel, ‘McDonald’s’ brand in provide transport
commercial leases and manufacturer gaming, entertainment, the Philippines through solutions
hotels in the Philippines and other leisure a strategic partnership
amenities with George Yang
Alliance Global partnership opportunity extends to shopping centers and its tenants
as well as major hotel chains
Business Overview
Pick.A.Roo Business Overview
Financial Highlights

(In USD Mn) GMV grows significantly

● Grocery is the biggest
contributor (86.1%)
● Followed by foods

GMV
(10.2%) and Shops
(3.8%)
GMV Aug 2020 - Aug
Pick.A.Roo is a premium delivery service app
2021 (1st Year) reached
in the Philippines that plays across grocery, $57.6 Mn
food and shops, established in August 2020
Revenue is growing

Revenue & Gross Profit

Pick.A.Roo is backed by one of the largest PH
rapidly (28% from YTD
conglomerates that provide exclusive access to Nov’22 vs Jan-Nov’21)
users and brands
Key Milestones Gross Profit Margin
2021 and 2022-YTD are
positive, changed from
a negative GP margin in
800K+ 1 Million+ 1,400+
Total Users Orders Total Partners
2020
Aug20 - Aug21 Delivered
Pick.A.Roo Business Model Across Grocery, Food, and Shops
*Sponsored Ads is an additional business model in
the future. Currently is not yet implemented

Revenue Cost of Sales Gross Profit OPEX EBITDA

Merchant Profit Share Delivery Cost
Overhead Cost
(% from Order Value) (Riders & Delivery)
Delivery Fee from Cust. Shopper Cost
Marketing Cost
(Based on distance) (Only for Grocery)
Payment
Convenience Fee from Cust Processing Cost

Technology Cost
Pick.A.Roo’ Unit Economics

The GP Margin for all of 3

services are positive

Grocery as the main revenue

contributor tend to have
smaller GP margin of 28.8%,
driven by additional shopper
cost

Meanwhile, EBITDA Margin

are negative across all
businesses due to high
overhead cost, requiring higher
top line growth to cover for
OPEX

Note: These unit economics are based on H1 2022 numbers

Financial - Revenue & GP Margin Trend

Key Takeaways
1. The
Revenue
2022 begin
monthlyto pick-up
revenueby (Jan-Aug’22)
April-21 onwards
tends todriven
be lower
by higher
thanorder
the monthly
counts per revenue
months induring
Aug-Dec’21
lockdown
dueperiod
to the pandemic
2. As
effect
the lockdown
- lockdown relief
relaxation
in 2022, Orders counts per month and revenue become lower compared to H2’2021 but the trend
become
○ Customers
more tend
stable
toand
spendyetmore
AOV isduring
relatively
the 2021
stablelockdown
throughoutperiod
the period
3. GP
○ Asmargin
the lockdown
in 2022 relief
(29.7%-36.0%)
in 2022, Customers
is higher compared
are spending to less
the but
2021the
margin
overallasrevenue
Pick.A.Roo
became
became
stable
more
in terms
efficient
of MoM
by optimizing
trend
2. its
However,
operational
the GP
process
margin in 2022 (29.7%-36.0%) is higher compared to the 2021 margin (13.7%-26.9%) as Pick.A.Roo
became more efficient by optimizing its operational
Financial - Revenue & Cost of Sales Breakdown

1
GP Margin turned positive
in 2021 (18.8%) and
increased in 2022-YTD Nov
(33.0%) due to cost
optimization through
- Optimized capacity
planning
- Started automation
- Recalibrated fulfilment
revenue vs fulfilment
cost

2
1 EBITDA is increasing from
-647.4% in 2020 to -61.5%
and -31.0% in 2021 and
2 2022-YTD Nov that is driven
by the OPEX optimization
(spent less on marketing
and growth) as they started
to focus more on bottom
line and profitability
Management Financial Projection

CAGR
114%
Management Overview
Organization Structure
Deal Structure
Item Details
Investor [PT Buka Mitra Indonesia]
Target company Pick.a.roo (Agile Digital Ventures Inc.)
Valuation Pre-money valuation of USD 51 million or Post-money valuation of USD 55 million
Proposed transaction Subscription of 7.3% of the fully diluted stock of TargetCo for a primary issuance of USD 4,000,000
Transaction payment terms [100% Cash at Closing]
Subscription Amount USD 4,000,000
Of the USD 4,000,000, the TargetCo will:
Use of Proceeds - USD 3,000,000 to subscribe to Smart Sari Inc. for 30% shareholding
- USD 1,000,000 for the working capital of the TargetCo
- Smart Sari Inc. and Emperador [and Pick.A.Roo] to enter to a Business Collaboration
Key Terms
Agreement for the distribution of its alcohol business, Emperador
Closing 2023
Proposed Structure

PT Buka
BUKA Usaha
Indonesia

99.9% 0.01%
PT Buka Megaworld
Mitra Corporation
(existing
Indonesia shareholder)

[7.3%] [92.7%]

Pick.a.roo

[70%] [30]%

Smart Sari