1. Startups

Bukugaji Application Developer Startup Reaches 69,5 Billion Rupiah Funding

Vara focuses on HR management solutions, helping SMEs manage attendance lists to digital payroll systems

Vara as a SaaS developer for human resource management (HR) in MSMEs today (13/7) announced the acquisition of initial funding of $4,8 million or equivalent to 69,5 billion Rupiah. Investments were obtained from a number of venture capitalists, including Go-Ventures, RTP Global, Alpha JWC Ventures, Surge from Sequoia Capital India, FEBE Ventures, and Taurus Ventures.

Payroll is the initial application they developed for the Indonesian market. It includes digital services for attendance lists to payroll systems. This solution is motivated by the process of managing personnel among MSMEs, which are mostly still manual. HR software is generally also relatively expensive for MSMEs and also has a high complexity.

The difficulties that arise from this sporadic and analogous HR management often affect employees who generally never have access to a formal employment history. One of the problems that often arises is the difficulty of access for these employees to obtain financial services from traditional financial institutions such as banks.

This startup was founded by Vidush Mahansaria and Abhinav Karale since November 2020. They also participated in the fifth cohort Surge acceleration program. Furthermore, the funds obtained will be focused on developing products and improving the capabilities of Bukugaji's features. So far the application is claimed to have been used to manage around 100 thousand staff.

For various business scales, so far there are various startups working on SaaS services for HR management. These include Pegaw.ai, Catapa, Synergo, KaryaOne, Mekari, and so on.

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The inclusion of Bukugaji adds to the length of digital players in the ecosystem working on the MSME segment. Previously, it was quite busy with the presence of developers of cash flow recording applications for small business players by startups such as BukuKas, BukuWarung, and several other local players.

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