JAKARTA — BukuKas, a digital ledger app for micro, small and medium-size enterprises in Indonesia, has raised $10 million in a Sequence A funding spherical led by Sequoia Capital India, the corporate mentioned in an announcement on Tuesday.
Current buyers Saison Capital, January Capital, Founderbank Capital, Cambium Grove Capital, Endeavor Catalyst and Amrish Rau additionally participated within the spherical, which brings the full funds raised by BukuKas to $22 million.
The contemporary capital shall be used to speed up service provider acquisition, strengthen BukuKas’ engineering and product capabilities in its places of work in Jakarta and Bangalore, India, and develop the vary of companies provided to retailers according to the corporate’s imaginative and prescient to offer an end-to-end software program stack to small companies, it mentioned.
Launched in December 2019 and incubated by Whiteboard Capital, BukuKas launched itself out there as an answer that helps small companies handle their monetary flows extra successfully with easy-to-use digital bookkeeping that merchants can obtain via their smartphones.
It goals to turn out to be a one-stop store for SMEs to handle their monetary and enterprise operations and is ready to launch a number of new merchandise and options on its app quickly.
As of November 2020, its platform had a registered consumer base of three.5 million small retailers and retailers and had crossed 1.eight million month-to-month energetic customers. In November, BukuKas customers recorded $17.four billion worth of transactions on an annualized foundation utilizing the platform, a determine comparable to over 1.5% of Indonesia’s GDP.
The Jakarta-based firm had additionally introduced a strategic acquisition of fellow digital ledger app Catatan Keuangan Harian in September.
The cope with Catatan Keuangan, which claims a base of 300,000 month-to-month energetic customers, will assist develop BukuKas’ market share because it makes an attempt to combat off competitors from different gamers in its house, together with BukuWarung, which is a Y Combinator graduate and is backed by a number of regional and international buyers.
“Whereas digital bookkeeping is a extremely aggressive sector, BukuKas has carved out a robust management place out there inside simply 12 months from launch, each when it comes to scale and consumer engagement,” mentioned Bukukas co-founder and CEO Krishnan Menon.
“This spherical is a crucial step for us to proceed to work in direction of our mission of empowering 60 million small retailers and retailers in Indonesia to go digital,” he added.
The funding by Sequoia India is a follow-up funding into BukuKas, because the startup had earlier acquired funding from the VC agency as a part of its Surge incubator program. Different buyers that backed the startup’s $9 million pre-Sequence A spherical have been Saison Capital, Speedinvest, S7V, January Capital and Cambium Grove Capital.
“Small companies the world over are quickly adopting software program to digitize their companies. BukuKas, an early mover on this house in Indonesia, has seen super buyer pull previously 12 months. It’s a testomony to the market want and product high quality and is mirrored within the sturdy underlying metrics of product-market match, together with industry-leading retention and engagement numbers,” mentioned Seqoia Capital India Managing Director Abheek Anand.
Whereas persevering with to aggressively develop its enterprise, BukuKas says it’s going to concurrently be investing substantial sources in product innovation, upgrading options and companies for the comfort of customers.
The corporate not too long ago launched a list administration module within the app, which permits small retailers to maintain observe of their stock motion with out incurring the cumbersome frameworks that characterize present stock administration options.
Among the many different in-app options to be launched going ahead are digital funds, which is able to allow retailers to gather cash from their prospects utilizing quite a lot of cost choices within the app; expense analytics, which permits customers to know what value buckets are affecting their revenue essentially the most; and bill auto-generation, which permits customers to construct an bill with one faucet and share it with prospects.
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