Editor’s note: This story was amended on June 30 to remove references to BukuKas being the first Southeast Asia investment by Hedosophia. The VC firm has previously invested in a Singapore-based startup.
London-based venture capital firm Hedosophia led a recent $50 million Series B funding round for BukuKas, a startup that focuses on digitising small businesses in Indonesia, shows a regulatory filing.
Hedosophia was founded by British investor Ian Osborne, who along with frequent collaborator Chamath Palihapitiya, has been at the forefront of the SPAC boom in the US. His venture firm had deployed more than $1.5 billion across its investment platforms as of June 30, 2020.
HS Investments IV Ltd, a Hedosophia vehicle, invested $30 million in BukuKas’s parent Tulp Street Pte Ltd this month as the lead investor in its Series B round, shows a filing with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
Announcing its Series B financing in May, BukuKas had only disclosed the participation of DoorDash executive Gokul Rajaram and TransferWise co-founder Taavet Hinrikus in the round.
According to the ACRA filing accessed by DealStreetAsia – DATA VANTAGE, Gemini Investments, a personal investment vehicle of Yuri Milner’s DST Global, invested $10 million in the round.
Other investors included Sequoia Capital India, Saison Capital, Cambium Grove Capital, Alter Global, Firebolt Ventures and Endeavor Catalyst. Following the Series B round, BukuKas is valued at about $182 million.
Current shareholders of BukuKas
When contacted, BukuKas co-founder Krishnan Menon declined to comment on the development.
Launched as a digital ledger app for small business owners in 2019, BukuKas today also offers inventory management, invoicing and analytics.
It has also launched an e-commerce enablement platform to help merchants set up online stores and sell on social commerce channels. In April 2021, it launched a new digital payments feature that enables small businesses to pay their suppliers and collect money digitally from their customers.
The company claims to have onboarded as many as 6.3 million small businesses across its platforms.
Indonesia is home to over 60 million micro, small and medium enterprises that account for 60% of the country’s GDP. Most of these businesses operate offline, thereby presenting a huge digitisation opportunity to tech startups and their investors.
This year, among prominent deals in the space, B2B commerce company Ula closed a $20 million Series A round in January. The month of February saw accounting startup BukuWarung — a key BukuKas competitor — secure an undisclosed amount of capital from Silicon Valley-based investor Rocketship.vc.