Sequoia leads Series A funding in Indonesia’s SME-focussed BukuKas

BukuKas, an Indonesia-based startup which focuses on digitising small and medium enterprise (SME) operations, has raised $10 million (Rs 73.4 crore) in a Series A fundraising exercise.

The round in Jakarta-based BukuKas has been led by Sequoia Capital India.

Other investors that have taken part in the Series A round include existing backers Saison Capital, January Capital, Founderbank Capital, Cambium Grove, Endeavor Catalyst, and Pine Labs’ Amrish Rau, the startup said in a statement.

BukuKas was set up in December 2019 by Krishnan Menon and Lorenzo Peracchione, and was incubated by Whiteboard Capital. 

The company says its platform helps SMEs to have a greater degree of visibility and control of their financial and business operations. 

The startup will use the capital it has raised for accelerating merchant acquisition, enhancing technological and product infrastructure, and expanding its portfolio of services.

“BukuKas, an early-mover in this space in Indonesia, has seen tremendous customer pull in the past 12 months,” Sequoia Capital (India) Singapore Pte Ltd managing director Abheek Anand said. 

Other companies in Southeast Asia that Sequoia India has funded in recent months include Singapore-based software-as-a-service firm Insider and Indonesia’s retail-focussed marketplace platform Ula.

BukuKas says it has a registered user base of over 3.5 million small merchants and retailers, and that it has crossed 1.8 million monthly active users. 

The company says it recorded $17.4 billion worth of transactions in November on an annualised basis.

BukuKas in September last year acquired Catatan Keuangan Harian, a digital ledger app. The company this month will release a digital payments application to allow merchants to collect money from customers.

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