BukuWarung Announces New Funding; Launch the Tokoko App

BukuWarung, a startup providing financial recording applications for MSMEs today (03/2) announced that it has received new funding from Rocketship.vc. Also involved in the round were several retail companies in Indonesia and angel investors -- no details are mentioned. Although the value was not announced, they said that the funds raised were larger than in the previous round.

Before, after demo day in the Y Combinator accelerator program series in September 2020, BukuWarung too just got funding from a number of investors, including Partners of DST Global, GMO Venture Partners, Soma Capital, HOF Capital, VentureSouq, and dozens of angel investors.

BukuWarung plans to use the investment funds to expand their technology and product teams in Indonesia, India, and Singapore so that the company can launch more products and features to digitize MSMEs in Indonesia. This year, the company also plans to launch monetization products such as credit and expand payment solution features.

Founded in 2019, BukuWarung has managed to reach 3,5 million users from small traders. They are spread across 750 cities and regencies in Indonesia, with the majority located in tier 2 and 3 regions. With their user base, they have recorded over $15 billion worth of transactions on their platform and have processed over $500 million of payments, claiming to lead the market in terms of volume. .

Not long ago they also launched Tokoko, the platform allows merchants to open their online stores. MSMEs can list their products, manage orders, accept payments, track delivery of goods, and talk to customers. Previously they had also built strategic partnership with Warung Pintar – both are East Ventures portfolios.

"Unlike other players, we are now generating revenue through payment solutions. However, we are also locating payments as a way to tap into monetization opportunities through other financial services as merchant adoption grows. Our focus this year is to expand payment solutions offerings and usage [use cases] for traders," said Chinmay Chauhan, Co-Founder & President of BukuWarung.

Currently in Indonesia, there are several startups developing similar services. From the article our previous analysis, lists several players currently penetrating the market, including:

BukuWarung's closest competitor is BukuKas. Last January 2021, they just announced the results Series A funds worth 142 billion Rupiah. BukuKas also claims to have 3,5 million app users with 1,8 million active monthly users.