Indonesia’s BukuKas US$ 50 M Funding Round Sees Participation from Wise’s Co-Founder
JAKARTA – IDFinancials.
BukuKas, a startup creating digital solutions for Micro, Small and Medium Enterprises (MSMEs) in Indonesia, announced it has raised US$ 50 million in Series B funding.
The highly oversubscribed Series B round included participation from prominent angels Gokul Rajaram and Taavet Hinrikus, Co-Founder of Wise (formerly known as TransferWise)
The fresh funds will be deployed to strengthen BukuKas’ leadership team, engineering and product capabilities in both its Jakarta and Bangalore offices, as well as expand the range of services offered to merchants.
This is in line with the company’s vision to provide an end-to-end software stack to small businesses in Indonesia.
This new round comes just 4 months after BukuKas’ US$ 10 million Series A round led by Sequoia Capital India.
Launched in December 2019, the startup has expanded from a digital ledger app enabling small business owners to record and better manage their sales and expenses, to one that also provides inventory management, invoicing, and analytics.
In September 2020 BukuKas had acquired a digital ledger app Catatan Keuangan Harian to expand market share. Soon after, they launched a commerce enablement platform Tokko to help merchants to sell more effectively on social commerce channels and set up online stores. Within 6 months of Tokko’s launch, 1.3 million small sellers created their own digital shop using the platform.
By the end of 2022, BukuKas aims to on-board 20 million MSMEs.
Krishnan Menon, CEO and Co-Founder of BukuKas said,
“We are grateful for the trust from our investors – both new and existing – who believe in our team and our vision to digitise Indonesian MSMEs.
We are delighted to have them on board for the next phase of our journey and this new investment round will fuel our growth as we continue to build out an all-in-one financial solution for small businesses – which we believe are the backbone of Indonesia”.