BukuKas gets $50M from investors including DoorDash’s Gokul Rajaram and TransferWise founder Taavet Hinrikus
BukuKas, a startup focused on digitizing Indonesia’s small businesses, has raised $50 million in Series B funding. The round included participation from Gokul Rajaram, the DoorDash executive, and Taavet Hinrikus, co-founder and chief executive officer of TransferWise.
This news comes just four months after BukuKas announced a $10 million Series A led by Sequoia Capital India. BukuKas will use its Series B to hire for its engineering and product teams in Jakarta and Bangalore, and launch new services for merchants.
“We’ve been growing really fast and there was a lot of interest from some very good people,” chief executive officer Krishnan Menon told TechCrunch. “This is not a capital-need based raise, but more of a tactical raise and having the right people back us long term.”
BukuKas was founded by Menon and chief operating officer Lorenzo Peracchione, who met while working at Lazada Indonesia. Since its launch as as a digital bookkeeping app in December 2019, BukuKas has added new features, including online payments and an e-commerce platform. The app has onboarded about 6.3 million businesses so far and now has a total of 3 million monthly active users. It claims its annualized bookkeeping transaction volume is $25.9 billion USD, or the equivalent of about 2.2% of Indonesia’s gross domestic product.
According to Bank Indonesia, (Read more...)