1. Startups

majoo Announces 56,6 Billion Rupiah Funding from AC Ventures, BRI Ventures, and Xendit

Since 2019, majoo claims to have processed more than 80 million transactions worth more than 8,4 trillion Rupiah

Service developer startup omnichannel for SMEs Majoo announced the acquisition of pre-series A funding of $4 million or equivalent to IDR 56,6 billion. This round was led by AC Ventures, with the involvement of BRI Ventures and Xendit. Furthermore, majoo will focus on enriching features, expanding the team, and expanding to reach 100 us by the end of 2022.

"MSMEs are very dependent on sales activities offline. Seeing the pandemic situation, we developed a feature E-commerce in the mission of supporting MSMEs through this challenging time. We give them the tools to create their own website, make payments online online, and integrated with Grabfood, Tokopedia, Shopee, and other services from E-commerce," said majoo Co-Founder & CEO Adi W. Rahadi.

Apart from Adi, the startup was also founded by Audia R. Harahap. Since its establishment in 2019, majoo claims to have processed more than 80 million transactions worth $600 million or more than 8,4 trillion Rupiah for MSMEs in more than 600 cities/districts in Indonesia from various types of businesses, from F&B to laundry.

"AC Ventures has long recognized the tremendous potential for digitizing the MSME economy in Indonesia, and the pandemic has accelerated technology adoption in this sector for 3-5 years. Adi and Audia's background and experience fits perfectly with their mission to deliver technology that empowers growth and productivity for millions of small business owners in Indonesia," said Adrian Li, Founder & Managing Partner of AC Ventures.

Becoming an all-in-one SaaS for MSMEs

The majoo service starts from a point of sale (POS) aka cashier application. Currently continuing to expand to include employee management, inventory, CRM applications, to ordering online. Statistically, majoo claims to have grown by 85% YoY and has acquired more than 20K active users with a good retention rate.

"We see many potential synergies that can be done between majoo and the BRI Group ecosystem. For example, synergies in providing access to MSMEs for digital savings, digital loans and services buy now pay later from Bank Raya (formerly BRI Agro). When the problem of MSME access to capital can be resolved with the help of majoo, we believe they can focus more on developing their business and be able to advance to class faster," added BRI Ventures CEO Nicko Widjaja.

For the POS service itself, majoo is dealing with several predecessors such as Moka which is currently part of the ecosystem merchant at GoTo Group. In addition, there is Qasir who has started targeting the regional market, Pawoon with 25 thousand merchant active, Youtap which wraps its services with a loyalty program, and many more. However, the potential for services for MSMEs in Indonesia is still very large. No wonder innovators are competing to present application products to help MSME players develop.

According to the data in the report MSME Empowerment Report 2021 published DSInnovate, there are several basic problems currently experienced by SMEs in Indonesia, including:

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To overcome these problems, 83% of MSME actors claim to use services from digital startups. From this hypothesis, the founder also passionate about presenting a variety of products with different value propositions. Currently there are dozens of startups that present various types of SaaS in this segment.

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