Indonesia-based startup BukuKas which helps SMEs go digital has raised US$80 million in funding in a Series C round led by Sequoia Capital India and Tiger Global. The investment round was also joined by Alphabet’s investment arm CapitalG, and angel investors NuvemShop CEO Santoago Sosa and former Lazada CEO Max Bittner.
BukuKas which has now changed rebranded itself as Lummo digitizes Indonesia’s MSMEs will be using the fresh funding to invest in technology, expand its product offering, and design talents to support a big, diverse team in both India and Indonesia. The firm will also invest in community building programs and onboarding more merchants to the platform.
Co-founder and chief executive officer Krishnan Menon said, “Through this, we will ensure that the growth-oriented merchants, brands and entrepreneurs have everything they need to dominate every possibility in front of them and grow really fast.”
Indonesia’s MSMEs had to embrace technology and take operations online as a result of the pandemic, said Lummo’s co-founder and chief operating officer Lorenzo Peracchione. Before the pandemic, only 20 per cent of Indonesian MSMEs had some form of online presence and now that number has increased to 44 per cent, he added.
Founded in 2019 by Krishna Menon and Lorenzo Peracchione, BukuKas provides a digital ledger app that is designed to assist micro and small businesses in their cash management. It helps Indonesian MSMEs manage and understand their financial flows more effectively with easy-to-use digital bookkeeping that traders can download through their smartphones.
Since inception, the startup has made a series of strategic moves to accelerate its expansion, including the acquisition of Catatan Keuangan Harian, a digital leader app in September 2020 to gain market share and later by launching its flagship product ‘Tokko’.
Tokko now called LummoShop is an ecommerce platform that enables MSMEs to set up online shops. The product has been modelled after platform giant Shopify.
The firm last raised US$50 million in its Series B round that was led by London-based venture capital firm Hedosophia in 2021. Other investors Saison Capital, Alter Global, Cambium Grove Capital, Firebolt Ventures, and Endeavor Catalyst also joined the funding round.
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