Indonesian MSME Accounting App Bukuwarung Books New Funding Led by Quona
by DealStreetAsia 2020-07-08
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source: Tech in Asia

Indonesia's BukuWarung, an accounting app for micro, small and medium enterprises, has raised an undisclosed amount in pre-Series A funding led by Quona Capital, the former said in a statement.

 

The new round comes just three months after BukuWarung secured seed funding, and brings the company's total funding to an "eight-figure" sum.

 

Existing investors, including East Ventures, AC Ventures, Golden Gate Ventures, Tanglin Venture Partners and Michael Sampoerna, backed the latest financing. The founders of Indian e-commerce company Snapdeal also joined the pre-Series A round.

 

Founded eight months ago, the BukuWarung app helps micro businesses track all transactions, including credit, expense and sales, and gain cash flow visibility through business reports. The startup claims to have served more than 600,000 merchants across 750 locations in Indonesia so far and aims to reach 1 million merchants in the next two months.

 

The company currently serves over 50 different micro-business categories, which includes mom-and-pop convenience stores, grocery stores, mobile top-up and electronics shops, wholesalers, traders, online sellers, and more.

 

BukuWarung is the only Indonesian startup to be selected for the Y Combinator class of 2020. Y Combinator has previously funded Indian startups Khatabook and OkCredit, which operate in a similar space.


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