London-based investment firm Hedosophia backs Indonesia’s BukuKas

The BukuKas team. Photo: BukuKas

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

bukukas cap table
Source: DealStreetAsia – DATA VANTAGE

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.


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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. 
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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.