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BukuWarung, an Indonesian fintech focused on digitizing business for MSME merchants, has raised its Series A funding worth $60M. The proceeds shall be used to double the workforce, improve payment infrastructure. The total funding for the startup now crosses over $80M, and before Series A, in February this year, BukuWarung had raised $20M from rocketship.vc
Jakarta-based BukuWarung, a fintech startup that focuses on providing digital payments and e-commerce solutions for Indonesian Medium Small and Micro Enterprises (MSMEs), has raised $60 million in its Series A funding round led by Valar Ventures and Goodwater Capital.
Angel investors – Aldi Haryopratomo, Victor Jacobsson, ex-CEO of GoPay Indonesia, and partners from SoftBank and Trihill Capital – had participated in the funding round. Prior to this Series A, BukuWarung had raised $20 million from rocketship.vc in February this year.
“We look forward to continuing building the best product experience for MSMEs who are the backbone of Southeast Asian economies. A heartfelt thank you to our merchants, investors, and most importantly, our team for their trust in our mission over the last 1.5 years.”BukuWarung on its LinkedIn handle
Founded in 2019, BukuWarung’s range of services is spread across digital payments, inventory management, massive and bulk transactions, and ‘Tokoko’- an e-commerce platform akin to Shopify. They are all designed to help merchants make a digital transition from their offline modes of business. Other news reports quoting the company state that BukuWarung has processed about $1.4 billion transactions in annualized payments thus far and is looking to take the figure to $10 billion by 2022.
The new proceeds shall be used to double BukuWarung’s workforce, spread across Indonesia, Singapore, and India, to 300. This fund would also be invested into developing its accounting, digital payments, QR payments infrastructure, and other services.
BukuWarung’s competitor, BukuKas, had also raised their Series B funding worth $50M last month. Commenting on the competition, Abhinay Peddisetty, CEO of BukuWarung, responded to the question by TechCrunch and said,
We don’t see this space as a winner takes all. Our focus is on building the best products for MSMEs as proven by our execution on our payments and accounting, shown by massive growth in payments TPV as we’re 10x bigger than the nearest player in this spaceAbhinay Peddisetty, CEO of BukuWarung