Quona Capital Leads Pre-Series A Fundraising for BukuWarung

BukuWarung, a startup that provides financial recording applications and managing micro-enterprise credit transactions, announced a pre-series A fundraising led by Quona Capital. Several previous investors will be involved in this round, including East Ventures, AC Ventures, Golden Gate Ventures, Tanglin Venture Partners, and Michael Sampoerna.

There is no information on when the target for this round is closed, only that BukuWarung claims to have collected funds reaching 8 digits.

Co-founder of BukuWarung Abhinary Peddisetty said, "Limited access to banks and other financial institutions makes micro-enterprises rely on pens, paper and calculators to record cash and credit transactions in their stores. Our vision is to build digital infrastructure for 60 million MSMEs in Indonesia. Indonesia started with a simple application for digital financial records and payments."

As a new startup emerging in Indonesia, BukuWarung is one of the fastest growing fundraising companies. last April they had just announced a seed funding led by East Ventures, at that time no amount was stated. It's just that they are quite confident in their journey because they have been trusted by 250 thousand stalls in 500 cities and regencies in Indonesia.

Now three months later, they claim to have won the trust of 600 thousand stalls with a distribution reaching 750 cities and regencies throughout Indonesia.

"We will use the new funds to upgrade our technology team, go deeper into The roadmap our products, increase our number of merchants (users), and meet our initial monetization goals in Q3 2020," said BukuWarung Co-founder Chinmay Chauhan.

BukuWarung also plans to launch digital payments and provide merchants with access to financial services, especially access to capital as a form of further innovation.

"We are leading the market in this space, due to our strong focus on building superior products and better solving the needs of our merchants. We want to activate more than 1 million merchants in the next 2 months," Chinmay continued.

The number of services for SMEs

BukuWarung is one of many new services that focus on working on SME deposits. Starting from Tokopedia Partners, Bukalapak Partners, GrabKiosk, PayFazz, BukuKas, WarungPintar, Wahyoo, to the latest Ula started to focus on MSME sector with their respective advantages. From digitizing processes to supply chains or supply chain leaders.

This is a tough task for BukuWarung, considering that they are still relatively new and their competitors have started to innovate a lot. In addition, at this time, BukuWarung has not launched many services other than record keeping, in the midst of a fast-paced startup climate, BukuWarung should be able to immediately improve.

BukuWarung itself is quite optimistic about the concept of an accounting application that helps micro business owners to manage cash and credit transactions. The existence of a debt notification feature that is sent automatically is claimed to be able to make business owners who have used BukuWarung receive debt payments three times faster.

"We both come from a family of micro business owners so we understand their difficulties in managing cash flow and accessing loans to grow their business. We designed a product that mobile phone owners can use seamlessly. Low-end, little storage capacity, or limited data connectivity," explained Chinmay.