BukuWarung, an Indonesian startup centered on digitizing the country’s 60 million small companies, announced today it has raised new funding from Rocketship.vc and an Indonesian retail conglomerate.
The amount was undisclosed, nonetheless sources say it brings BukuWarung’s total funding so far to $20 million. The company’s last round, announced in September 2020, was between $10 million to $15 million. Launched in 2019, BukuWarung was founded by Chinmay Chauhan and Abhinay Peddisetty and took part in Y Combinator last year.
Rocketship.vc is also an investor in Indian startup Khatabook, which reached a valuation between $275 million to $300 million in its last funding round. Appreciate Khatabook, BukuWarung helps small companies, adore neighborhood stores called warung, that previously relied on paper ledgers, transition to digital bookkeeping and online payments. BukuWarung lately launched Tokoko, a Shopify-adore instrument that lets merchants create online stores via an app, and says Tokoko has been stale by 500,000 merchants so far.
Chauhan, BukuWarung’s president, said it has started making earnings via its payments answer. In total, BukuWarung now claims extra than 3.5 million registered merchants in 750 Indonesian towns and cities, and says it is miles recording over $15 billion price of transactions across its platform and processing over $500 million by way of volume.
SMEs contribute about 60% to Indonesia’s unfavorable domestic product and make use of 97% of its domestic crew, nonetheless many have challenge accessing financial providers and products that can assist them develop. By digitizing their financial data, companies adore BukuWarung can make it easier for them to access strains of credit score, working capital loans and assorted providers and products. Other companies serving SMEs in Indonesia, Southeast Asia’s largest financial system, embrace BukuKas and CrediBook.
BukuWarung will use its new funding to develop its tech and product teams in Indonesia, India and Singapore. It plans to launch extra monetization products, collectively with credit score and develop its payments answer this year.