majoo Completes Series A Funding Worth 149 Billion Rupiah

After completing A pre-series funding valued at 130 billion Rupiah in early 2022, Majoo again pocketed fresh funds through a series A funding round worth $10 million or around 149 billion Rupiah.

Without mentioning his name, this round was led by a London-based equity investor focused on fintech. Other investors involved in the funding include BRI Ventures, AC Ventures, Quona Capital, and Xendit.

Founder & CEO of majoo Indonesia Adi Wahyu Rahadi said, "With this funding, majoo will continue to expand the market in Indonesia by offering comprehensive solutions for MSMEs in running their business operations and helping grow their businesses".

He further stated that majoo's main focus after the series A funding was to invest in products and talents in order to be able to present leading solutions for Indonesian MSMEs. They are also committed to strengthening their position in the market by enriching the ecosystem through collaboration with various strategic industrial sectors, such as financial service providers, e-commerce, and others.

"As thesis-driven investors, majoo founding team, product-market fit clear, and soaring growth metrics during times of market turbulence make us proud to be their first institutional investor. We are very happy to join majoo because majoo continues to empower 64 million MSMEs in this country,” said Adrian Li, Founder & Managing Partner of AC Ventures.

Meanwhile, according to BRI Ventures CEO Nicko Widjaja, he believes that the value of the synergy between majoo and BRI as a financial institution for the largest MSMEs in Indonesia will help digitize the sector. "This is in line with BRI Ventures' commitment to continue to encourage financial inclusion in Indonesia in this digital era and to create sustainable MSME empowerment."

majoo was founded by three founders, including Adi W. Rahadi (CEO), Audia R. Harahap (COO), and Bayu Indriarko (VP Engineering). Previously, the three founders were retail business players who also served MSME customers, so they quite understood the various difficulties encountered in the field.

Positive growth during a pandemic

The company also noted that during the pandemic growth reached 800%. Until July 2022, the majoo entrepreneur application has succeeded in embracing 35 thousand business actors from all over Indonesia, 96% of whom are active users with 12 months of retention. Since its launch, majoo has recorded 166 million transactions for MSMEs or the equivalent of $940 million.

The "Majoo Entrepreneur" service consists of a cashier application courses inventory applications, financial and accounting applications, attendance and employee applications, CRM applications, and business analysis applications. Meanwhile, another product, namely "E-commerce Omnichannel majoo" allows users to manage sales from various types of stores courses process orders, inventory and financial reports in one centralized dashboard.

SaaS for MSMEs has indeed become one of the digital industry sectors that are being watched by many people founder, considering the great potential of MSMEs in Indonesia. For similar solutions offered majoo, a number of startups also sell similar services, such as Midtrans, Sirclo, Qasir, YouTap, and so on.

According to a report by the Boston Consulting Group, the market size of SaaS services in Indonesia has reached $100 million in 2018 and will grow to $400 million in 2023.