Indonesian startup BukuWarung, an accounting app for micro-enterprises, has raised funding from Rocketship.vc, and early backers of global fintech players Adyen, Nubank, Revolut, and an Indonesian retail giant.
Rocketship.vc, a Silicon Valley-based global investor, is also a backer in Khatabook, an Indian market leader in the digital bookkeeping space.
The financial terms of the round remain undisclosed.
A source familiar with the matter told DealStreetAsia that the startup has raised around $20 million in total funding so far.
In September last year, BukuWarung had raised an undisclosed amount from a host of investors after graduating from Y-Combinator.
The latest funding will enable the firm to expand its technology and product team in Indonesia, India, and Singapore.
“We launched a digital payments solution for our merchants, which has seen strong adoption and is already processing over $500 million in payment volumes. Our focus this year is to enhance our payment offerings and enable more digital payment use cases for our merchants,” BukuWarung co-founder Chinmay Chauhan said in a statement.
BukuWarung was founded in 2019 by Chinmay Chauhan and Abhinay Peddisetty, who previously worked at Carousell together.
To date, more than 3.5 million merchants have joined BukuWarung from tier 2 and 3 locations.
The startup claims that its technology helps the merchants to improve the bookkeeping process by tracking transactions including credit, expense, sales, and cash flow visibility through business reports.
The startup recently partnered WarungPintar and others to create an ecosystem to serve MSME needs.
BukuWarung is backed by Y-Combinator, Quona Capital, East Ventures, AC Ventures, DST Global Partners, Golden Gate Ventures, and Tanglin Venture Partners. Its angel investors include Michael Sampoerna, Plaid co-founder William Hockey, Snapdeal founders as well as strategic angels from Grab, Gojek, Stripe, Modalku, Xendit, Airbnb, Carousell, and Rapyd.