BukuWarung, a start-up digitizing Indonesia’s SMEs, raises new funding from Rocketship.vc

BukuWarung, an Indonesian startup focused on digitizing the nation’s 60 million small companies, announced today it has raised brand-new funding from Rocketship.vc and an Indonesian retail conglomerate.

The quantity was concealed, however sources state it brings BukuWarung’s total funding so far to $20 million. The business’s last round, revealed in September 2020, was between $10 million to $15 million. Launched in 2019, BukuWarung was established by Chinmay Chauhan and Abhinay Peddisetty and took part in Y Combinator last year.

Rocketship.vc is likewise a financier in Indian startup Khatabook, which reached an assessment in between $275 million to $300 million in its last financing round. Like Khatabook, BukuWarung assists small companies, like community shops called warung, that previously depended on paper journals, transition to digital bookkeeping and online payments. BukuWarung just recently released Tokoko, a Shopify-like tool that lets merchants produce online stores through an app, and says Tokoko has actually been utilized by 500,000 merchants so far.

Chauhan, BukuWarung’s president, said it has actually begun making profits through its payments service. In total, BukuWarung now declares more than 3.5 million signed up merchants in 750 Indonesian towns and cities, and says it is recording over $15 billion worth of deals across its platform and processing over $500 million in regards to volume.

SMEs contribute about 60% to Indonesia’s gross domestic product and utilize 97% of its domestic workforce, however numerous have trouble accessing financial services that can help them grow. By digitizing their financial records, companies like BukuWarung can make it easier for them to access credit lines, working capital loans and other services. Other companies serving SMEs in Indonesia, Southeast Asia’s largest economy, include BukuKas and CrediBook.

BukuWarung will use its new funding to grow its tech and item teams in Indonesia, India and Singapore. It plans to release more money making products, including credit and grow its payments solution this year.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.