BukuWarung, a fintech startup providing an app for digitizing MSMEs today (03/2) announced the acquisition of new funding from Rocketship.vc. Participated also in this round some retail companies in Indonesia and angel investors – undisclosed. Although the value was not announced, the current nominal is said to be greater than the previous rounds.
Previously, after the demo day of Y Combinator accelerator programs in September 2020, BukuWarung has received funding from some investors, including Partners of DST Global, GMO Venture Partners, Soma Capital, HOF Capital, VentureSouq, and other angel investors.
BukuWarung plans to use the investment fund to expand its technology and product teams in Indonesia, India, and Singapore, therefore, the company can launch more products and features to digitize MSMEs in Indonesia. This year, the company aims to launch monetizing products such as credit and expand payment solution features.
Was founded in 2019, BukuWarung has reached 3.5 million users from MSME. They are living across 750 cities and countries in Indonesia, with the majority located in tier 2 and 3 regions. With the user base, they have booked over $15 billion worth of transactions on their platform and have processed over $500 million in payments, claiming to be the market leader in terms of volume.
They recently launched Tokoko, a platform that allows merchants to open their online shop. MSME players can list their products, manage orders, receive payments, track goods delivery, and talk to customers. Previously, they’ve had strategic partnerships with Warung Pintar – both of which are East Ventures portfolios.
“Unlike other players, we have now achieved revenue through payment solutions. However, we are placing payments as a way for monetizing opportunities through other financial services as merchant adoption grows. This year, we’re focus is to expand the offering of payment solutions and ways of using them. [use cases] for traders,” BukuWarung’s Co-Founder & President, Chinmay Chauhan said.
Currently, there are several startups to develop similar services in Indonesia. From our previous article, we list several players who are currently penetrating the market, including:
| Application | Rank (business category) | Downloaded |
| BukuKas | 3 | 1M+ |
| BukuWarung | 6 | 1M+ |
| Credibook | 46 | 100K+ |
| Akuntansi UKM | 84 | 100K+ |
| Moodah | 121 | 10K+ |
| Lababook | 184 | 1K+ |
| Teman bisnis | 254 | 100K+ |
| Akuntansiku | 309 | 1K+ |
BukuWarung’s closest competitor is BukuKas. They recently announced the Series A funding worth 142 billion Rupiah last January. BukuKas is said to reached 3.5 million users with 1.8 million active monthly users.
| BukuKas | BukuWarung | |
| Seed Investors | Surge, 500 Startups, Credit Saison, dan angel investors | East Ventures, AC Ventures, Golden Gate Ventures, Tanglin Venture Partners, dan angel investors |
| Pre-Series A Investor | Surge, Credit Saison, Speedinvest, S7V, January Capital, dan Cambium Grove Capital, Prasetia Dwidharma | Quona Capital, East Ventures, AC Ventures, Golden Gate Ventures, Tanglin Venture Partners, Partners of DST Global, GMO Venture Partners, Soma Capital, HOF Capital, VentureSouq, angel investors |
| Series A | Sequoia Capital India, Saison Capital, January Capital, Founderbank Capital, Cambium Grove, Endeavor Catalyst, Amrish Rau | Rocketship.vc, perusahaan ritel Indonesia, angel investors |
| Accelerator | Surge (Sequoia) | Y Combinator |
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Original article is in Indonesian, translated by Kristin Siagian