BukuKas Raises US$50 Million in Funding from Sequoia Capital

BukuKas received Series B funding worth US$50 million from Sequoia Capital India.

Jakarta, TechnoBusiness ID • BukuKas, a provider of digital bookkeeping solutions for micro, small and medium enterprises (MSMEs), today announced that it has won US$50 million in funding.

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The Series B funding was obtained by BukuKas from several investors, including well-known angel investors such as Gokul Rajaram, and Wise founder Taavet Hinrikus, led by Sequoia Capital India.

The funding is only four months after the US$10 million Series A round of funding was reached by BukuKas. The company’s management stated that the latest funding will be used to strengthen the engineering team.

In addition, it will also be used to develop BukuKas products in its two offices, namely Jakarta (Indonesia) and Bangalore (India), and to expand the range of services offered to business people.

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“We are grateful for the trust of investors, both those who have just joined and those who have attended before,” said CEO and co-founder of BukuKas, Krishnan Menon.

The new funding round, continued Menon, will encourage the growth of BukuKas along with efforts to build a complete financial solution for small businesses, which are the backbone of the national economy. [the_ad id=”13590″]

BukuKas, which was founded in December 2019 and incubated by Whiteboard Capital, as of April has succeeded in embracing 6.3 million shop owners and small business players into its platform.

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BukuKas has 3 million monthly active users with an accumulated annual transaction value of nearly US$25.9 billion or equivalent to 2.2% of Indonesia’s gross domestic product. [the_ad id=”13590″]

Next year, BukuKas targets to partner up to 20 million from a total of 60 million small business actors in the country on its platform.

“BukuKas wants to be the partner in the business ecosystem of choice to help small business owners develop and grow in the digital era,” said Lorenzo Peracchione, COO and co-founder of BukuKas.•

—Vino Darmawan, TechnoBusiness ID • Photo: BukuKas

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