BukuKas, an Indonesia based digital platform and app for digitising SMEs in Indonesia, has raised USD 10 million during its Series A funding round led by Sequoia Capital India, bringing the total funds raised to USD 22 million.
Existing investors Saison Capital, January Capital, Founder bank Capital, Cambium Grove, Endeavor Catalyst and Amrish Rau also contributed in the round.
The capital will be arranged to accelerate commercial acquisition, strengthen BukuKas’ engineering and product capabilities in both its Jakarta and Bangalore offices, as well as increase the range of services offered to merchants in line with the company’s idea to deliver an end-to-end software stack to small businesses.
BukuKas, launched in December 2019 and incubated by Whiteboard Capital, said as of November 2020, it has a registered user base of 3.5 million small merchants and retailers, and has crossed 1.8 million monthly active users (MAU).
The acquisition of the digital ledger app Catatan Keuangan Harian in September last year has also allowed BukuKas to expand their market share.