Cash Book Closes Series C Funding 1,1 Trillion Rupiah; "Rebranding" Becoming Lummo

BukuKas, a financial recording application developer startup for MSMEs, announced the acquisition of series C funding of $80 million (over 1,1 trillion Rupiah). Tiger Global and Sequoia Capital India took the lead in this round, followed by CapitalG as arm investing from Google parent Alphabet Inc, and a number of angel investors, such as Santiago Sosa (Nuvemshop) and Maximilian Bittner (Lazada); as well as previous investors such as Hedosophia.

The total investment achievement that has been obtained by BukuKas since two years of its existence is estimated at more than $150 million. The company's valuation is projected to reach $500 million. Since round series B announced in May 2021, BukuKas has reached the status centaur.

Rebranding so lummo

On this occasion, the company also announced the brand change to Lummo. TOKKO, which is under BukuKas, was also involved inrebranding become LummoSHOP.

Lummo is taken from the Latin "lumen" which means "light". The choice of this name is in line with the company's ambition to be a light for entrepreneurs and brand owners, and make it easier for those with various potentials to build businesses through business-to-customer liaison software (D2C SaaS) services.

Co-founder & CEO Lummo Krishnan Menon explained, this name change signifies the serious ambition of the company to become top of mind as a solution for SMEs. The previous name, BukuKas, was considered less aspirational for the company's ambitions to reach more MSME business segments.

“We build a lot of SaaS targeting many segments merchant, considering our users come from various levels of business. Thus, our role is to highlight all the needs of merchants and brandsPreviously, many applications only focused on consumers. We believe Lummo will be a bigger name than BukuKas and TOKKO," he said in a virtual press conference held today (19/1).

Regarding the use of investment funds, Lummo Co-founder & COO Lorenzo Peracchione said that it would be used to expand product offerings in order to serve more people. MSME entrepreneurs and brand. This strategy can certainly be achieved with the need to recruit more digital talent. Not only that, the company is starting to target expansion into the ASEAN market, which has the same problems as Indonesia.

“ASEAN has great potential and has the same needs as Indonesia. However, we still make Indonesia the main market, there are still many MSMEs that have not been explored," said Peracchione.

LummoSHOP

Lummo was first launched in December 2019 under the name BukuKas, which is a bookkeeping application for MSMEs with a mission to empower and support more MSMEs towards digitalization. Then in November 2020, the company expanded to launch TOKKO, a shop builder service online which allows business actors to build direct relationships with customers.

In the midst of high online business competition, MSMEs feel great benefits for managing their business better by utilizing the technological solutions presented by TOKKO, so that the Gross Merchandise Value (GMV) at TOKKO (now LummoSHOP) grows up to 11 times from December 2020 to December 2021.

To strengthen the commitment to encourage the digitization of regional MSMEs, the company also presents TOKKO Semesta, a community program for MSMEs by providing assistance, mentoring, and online business training with a personalization approach that adapts to the needs of MSME business scales individually online nor offline.

The evolution of LummoSHOP strengthens the company's advantage in technological innovation solutions that connect businesses directly with customers such as chat commerce, catalog integration, custom domains, multi-platform store management, personalization features for business branding, and various other exciting innovations.

Store management features multi-platform in LummoSHOP makes it easy for MSMEs to manage all their customer orders from several shopping platforms at once and make LummoSHOP the center of managing their online business operations. The service also helps MSMEs to create an official store website so they can build a brand and unique business identity online-New.

With LummoSHOP's D2C approach, MSMEs can take advantage of technology solutions such as accessing purchase history, customer base management, and other important analytics to build and develop a strong customer base, without any hindrance from third parties.

After rebranding To LummoSHOP, the company will increase its efforts to support business success through a D2C online trading approach, as well as enable local Indonesian entrepreneurs to manage and develop their business more independently and optimally to be better prepared to compete.