BukuKas gets $50M from investors including DoorDash’s Gokul Rajaram and TransferWise founder Taavet Hinrikus – TechCrunch

BukuKas gets M from investors including DoorDash’s Gokul Rajaram and TransferWise founder Taavet Hinrikus – TechCrunch

BukuKas co-founders Krishnan Menon (left) and Lorenzo Peracchione (proper) with a BukuKas person

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BukuKas, a startup targeted on digitizing Indonesia’s small companies, has raised $50 million in Series B funding. The spherical included participation from Gokul Rajaram, the DoorDash government, and Taavet Hinrikus, co-founder and chief government officer of TransferWise.

This news comes simply 4 months after BukuKas introduced a $10 million Series A led by Sequoia Capital India. BukuKas will use its Series B to rent for its engineering and product groups in Jakarta and Bangalore, and launch new companies for retailers.

“We’ve been growing really fast and there was a lot of interest from some very good people,” chief government officer Krishnan Menon advised TechCrunch. “This is not a capital-need based raise, but more of a tactical raise and having the right people back us long term.”

BukuKas was based by Menon and chief working officer Lorenzo Peracchione, who met whereas working at Lazada Indonesia. Since its launch as as a digital bookkeeping app in December 2019, BukuKas has added new options, including on-line funds and an e-commerce platform. The app has onboarded about 6.three million companies to date and now has a complete of three million month-to-month lively customers. It claims its annualized bookkeeping transaction quantity is $25.9 billion USD, or the equal of about 2.2% of Indonesia’s gross domestic product.

According to Bank Indonesia, the nation’s central financial institution, there are about 60 million SMEs, although Menon says that quantity could vary from 55 million to 65 million. The majority nonetheless function largely offline, however the push to digitization started even earlier than the COVID-19 pandemic. For instance, the Indonesian authorities launched a program two years ago with marketplace Blibi to encourage extra companies to promote on-line, with the objective of serving to extra SMEs go international.

This means there’s a rising roster of startups and companies targeted on serving to small companies go surfing. These embody Y Combinator-backed BukuWarung, WarungPintar, Grab’s Mitra GrabKios and wholesaler-focused CrediBook. India-based Khatabook, one other Sequoia Capital India portfolio firm, launched BukuUang in Indonesia, however has since pulled out of the market.

“There’s obviously a macro shift that’s happening in the market right now. People are rushing to get digitized and people are coming out of a rough year. They started to realize ‘I need to upgrade,’ so there’s a rush to get digitized, to manage their money better, a movement to digital payments,” stated Menon.

BukuKas’ objective is to change into an end-to-end software program stack for micro, small and medium enterprises and serve 20 million MSMEs by the top of 2022, with stock administration, invoicing, payment-related analytics and different instruments. The firm just lately took a number of steps towards that objective. In April, it launched BukuKasPay for business house owners to pay suppliers on-line or settle for digital funds, including digital financial institution accounts and e-wallets like OVO, Dana, GoPay, LinkAja and ShopeePay from clients. In September 2020, it acquired a digital ledger app known as Catatan Keuangan Harian to develop its market share earlier than launching an e-commerce platform known as Tokko that allows MSMEs to arrange on-line retailers. About 1.three million retailers have created retailers utilizing Tokko within the six months since its launch.

Tokko focuses on retailers who discover large marketplaces, like Tokopedia, too difficult, and need another strategy to arrange a web based model.

BukuKas’ customers embody warungs (small shops), style retailers, electronics shops, social commerce sellers and service suppliers. On common, its customers make a number of thousand U.S. {dollars} per thirty days in income, however some earn as excessive as tens of 1000’s of {dollars}.

The app is designed to work as a layer on prime of WhatsApp. For instance, many retailers enable clients to purchase on credit score, to allow them to use BukuKas to ship computerized reminders by WhatsApp with a cost hyperlink. Businesses can even ship invoices or take Tokko orders by WhatsApp. Menon stated since many Indonesian retailers already relied on WhatsApp to speak with suppliers and clients, this helps it onboard extra customers as a result of they don’t need to make main adjustments to their operational routines. It additionally creates viral loops, as different companies get cost reminders or invoices despatched by BukuKas, and resolve to strive the app, too.

“Our thesis is very similar to what Square or Shopify did in the U.S. We keep merchants as the center of the universe, and we keep building solutions for them,” Menon stated. “That can be software-related solutions like BukuKas’ early version and Tokko moving further into commerce. We’re moving further into banking solutions, so payments come first, and then actually building out the full banking suite. The end goal is if a merchant five years from now looks back and says, thanks to BukuKas I was able to adapt to the digital era, and sticks with us.”

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