Indonesian ledger app BukuKas snags $9m in pre-Series A funding

Indonesia. Photo by Nuh Rizqi on Pexels.

BukuKas, a digital ledger app for micro, small, and medium enterprises in Indonesia, has closed a pre-Series A funding round of $9 million backed by Sequoia Capital India’s Surge, Saison Capital, Speedinvest, S7V, January Capital and Cambium Grove Capital.

In an official release, the startup said that the latest capital infusion brings its total funds raised to $12 million. The startup raised an unspecified amount in seed investment in April.

Across the two rounds, the company has also roped in several prominent angel investors including Edward Tirtanata (Kopi Kenangan), Willy Arifin (KoinWorks, Alternate Ventures), Nipun Mehra (Ula, Sequoia India) and Patrick Walujo (Northstar Ventures).

The fresh capital will be used to expand its product offerings and build on its foothold in the Indonesian market, where the MSME segment contributes to over 60 per cent of the country’s GDP.

Founded in December 2019, BukuKas helps MSMEs manage their financial flows more effectively with easy-to-use digital bookkeeping that traders can download through their smartphones.

Its solution enables MSMEs to monitor sales, profits, and credit and send payment reminder messages via WhatsApp to their customers.

As of today, the company claims to have 800,000 small merchants and retailers from across 700 cities and districts on its platform, with the annualised value of transactions exceeding $1.3 billion.

“The speed at which BukuKas has grown in the last 8 months since launch has shown us that more than ever, Indonesian small businesses are ready to go digital. 73% of merchants are outside of tier-1 cities today – and very few products and services are built for them,” said BukuKas CEO & co-founder Krishnan Menon.

Among its peers vying for market share in the bookkeeping space for MSMEs is Quona Capital-backed BukuWarung, which announced a pre-Series A round last month, bringing its total raised capital to an “eight-figure” sum.

Indonesia’s small businesses, characterized by warungs or mom and pop shops, have attracted a host of offerings from well-funded startups such as Warung Pintar, GudangAda and Wahyoo as well as e-commerce giants such as Tokopedia and Bukalapak.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.