The Indonesian digital ledger app claims to have a registered user base of 3.5M small merchants and retailers and has crossed 1.8M MAUs
BukuKas, a digital ledger app for micro, small and medium enterprises (MSMEs) in Indonesia, announced today it has raised US$10 million in Series A financing round, led by Sequoia India.
Existing investors Saison Capital, January Capital, Founderbank Capital, Cambium Grove, Endeavor Catalyst, and PineLabs CEO Amrish Rau, also participated.
With a US$9 million pre-Series A funding round in August 2020, the fresh round brings the total funds raised by one-year-old startup to US$22 million.
BukuKas said in a statement that the fresh capital will be deployed to accelerate merchant acquisition, strengthen its engineering and product capabilities in its offices in Jakarta and Bangalore, as well as expand the range of services offered to merchants to include end-to-end software stack for small businesses.
Additionally, BukuKas announced it acquired digital ledger app Catatan Keuangan Harian in September 2020 as it sought to expand its market share within the digital bookkeeping industry.
Launched in December 2019 and incubated by Whiteboard Capital, BukuKas helps SMEs understand and manage their financial flows with their digital bookkeeping platform. It claims to have a registered user base of 3.5 million small merchants and retailers and has crossed 1.8 million monthly active users.
As of November 2020, BukuKas users recorded US$17.4 billion worth of transactions on an annualised basis, which is 1.5 per cent of Indonesia’s GDP.
Reiterating its mission to bring more MSMEs into the digital age, Co-founder and CEO Krishnan Menon said BukuKas will remain customer-obsessed, trying to understand how it can continue to bring more value to its merchants.
“While individual features can be copied as offerings expand, maintaining an extreme level of simplicity in the product while adding substantial value will become harder. Companies that are able to achieve this at scale will gain a sustainable edge,” he added.
Abheek Anand, Managing Director, Sequoia India 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 great demand in the past 12 months. This is testament to the market need and product quality and is reflected in the strong underlying metrics of product-market fit.”
BukuKas is releasing digital payments within the app this month, which will enable merchants to collect money from their customers using a variety of payment options in a seamless way.
“Payments will be automatically reconciled on the BukuKas app, further automating the bookkeeping process and reducing friction for our users,” noted Lorenzo Peracchione, Co-founder and COO of BukuKas.
Image Credit: BukuKas