1. Startups

BukuKas Re-Injects 709 Billion Rupiah Funds, Enters Centaurs

The funding round was led by Sequioa Capital India and participated by a number of angel investors

BukuKas, a startup developer of financial recording applications for MSMEs, announced the acquisition of series B funding of $50 million (equivalent to 709 billion Rupiah) led by Sequioa Capital India. This round was also followed by a number of angel investors celebrities, such as Gokul Rajaram and Taavet Hinrikus, co-founders of TransferWise.

Sequioa Capital India previously led Series A putaran round in BukuKas four months ago for $10 million (equivalent to 141 billion Rupiah).

This injection of funds will be used by BukuKas to strengthen the team engineering and products in its two offices, namely Jakarta and Bangalore. The company will also expand the range of services for business people to be in line with the company's vision of providing comprehensive software solutions for MSMEs in Indonesia.

"This new investment round will drive our growth as efforts are underway to build a complete financial solution for small businesses that we believe are the backbone of Indonesia's economy," said BukuKas Co-Founder & CEO Krishnan Menon in an official statement, Tuesday (18/5/XNUMX). XNUMX).

This announcement, he continued, coincided with the launch of a new payment feature CashPay in the last month. This feature allows businesses to pay their suppliers on time and collect debts from their customers digitally, through various digital payment methods, such as Virtual Bank Accounts, QRIS, and popular electronic wallets.

It is claimed that within a month of its release, BukuKas has recorded monthly payment transactions of tens of millions of US dollars on its platform.

As of April 2021, BukuKas has managed to reach 6,3 million shop owners and small business players, of which almost half or as many as 3 million users are monthly active users. BukuKas recorded an accumulated transaction value of nearly $25,9 million, or equivalent to 2,2% of Indonesia's GDP.

Krishnan targets that by 2022, the company can grow the number of users to 20 million MSMEs.

BukuKas was first launched in December 2019 under the incubation of Whiteboard Capital. The company evolved to meet the changing needs of MSMEs, evolving from a simple digital financial records application that allows small business owners to better record and manage sales and expenses.

Currently BukuKas is an application that can manage inventory, create invoices, and perform analytics.

“BukuKas wants to be the preferred business ecosystem partner to help small business owners develop and grow in this digital era. In line with the launch of BukuKasPay, we will continue to build the trust of BukuKas users and support them with comprehensive banking and trading solutions in the near future,” added BukuKas Co-Founder and COO Lorenzo Peracchione.

Wear status centaur

In the course of BukuKas' funding round, prior to its entry into series A and B, the company secured a $9 million seed funding led by Speedinvest. In total, BukuKas pocketed $69 million and if it is calculated this acquisition is most likely to have brought the company into the ranks of startups. centaur or aspiring unicorn.

This is a term for startups that have reached a valuation of over $100 million and under $1 billion. The valuation referred to here is measured based on the funding obtained from investors.

More Coverage:

We tried to ask the CEO of Bukukas for confirmation about the status centaur this by asking the estimated valuation, but he chose not to comment.

Menurut Startup Report 2020, as of 2020 in the Indonesian ecosystem there are at least 43 startups that already hold the title of centaur. Six of them already have a valuation of over $500 million.

In addition, the startup industry's enthusiasm for players like BukuKas also skyrocketed. Marked by various funding disbursements provided for BukuWarung and Creditbook throughout this pandemic. Apart from them, there were other players who also entered, including Moodah, Friends of Business, My Accounting, Lababook, SME Accounting, and many more.

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