Indonesian Fintech BukuKas Raises US$ 10M in Sequoia Capital India Led Round
JAKARTA – IDFinancials.
BukuKas, a digital platform and app for digitising SMEs in Indonesia, has raised USD 10 million during its Series A funding round led by Sequoia Capital India, bringing the total funds raised to USD 22 million.
Existing investors Saison Capital, January Capital, Founderbank Capital, Cambium Grove, Endeavor Catalyst and Amrish Rau also participated in the round.
The capital will be deployed to accelerate merchant acquisition, strengthen BukuKas’ engineering and product capabilities in both its Jakarta and Bangalore offices, as well as expand the range of services offered to merchants in line with the company’s vision to provide an end-to-end software stack to small businesses.
BukuKas, launched in December 2019 and incubated by Whiteboard Capital, said as of November 2020, it has a registered user base of 3.5 million small merchants and retailers, and has crossed 1.8 million monthly active users (MAU).
The acquisition of the digital ledger app Catatan Keuangan Harian in September last year has also enabled BukuKas to expand their market share.
“We see this funding round as a strong vote of confidence in the huge market opportunity as well as our team and execution capabilities so far. While we’ve grown tremendously this year, we are only just getting started. This round is an important step for us to continue to work towards our mission of empowering 60 million small merchants and retailers in Indonesia to go digital,”
said Krishnan Menon, CEO and Co-Founder of BukuKas.
Abheek Anand, Managing Director, Sequoia Capital (India) Singapore Pte. Ltd. said,
“Small businesses across the world are rapidly adopting software to digitise their businesses. BukuKas, an early-mover in this space in Indonesia, has seen tremendous customer pull in the past 12 months.
It is a testament to the market need and product quality, and is reflected in the strong underlying metrics of product-market fit – including industry leading retention and engagement numbers. Within just six months after leading their seed round through Surge, Sequoia Capital India is doubling down on the partnership and leading their Series A.”
While continuing to aggressively expand their business, BukuKas is simultaneously investing substantial resources in product innovation, by upgrading features and services for the convenience of users.
Some of the latest features include expense analytics, which allows users to understand what cost buckets are affecting their profit the most, and invoice auto-generation, which allows users to build an invoice with one tap and share it with customers.
BukuKas has also recently released an innovative inventory management module in the app, which allows small merchants to keep track of their stock movement without incurring the cumbersome frameworks that characterise current inventory management solutions.
Featured image: [From Left to Right] BukuKas, Lorenzo Peracchione (Co-Founder & COO) and Krishnan Menon (Co-Founder & CEO)