Indonesian financial management app BukuKas banks $10m in Sequoia-led round

Indonesia’s BukuKas, a platform that helps small and medium enterprises go digital, has closed its US$10 million series A funding round led by Sequoia Capital India.

Existing backers Saison Capital, January Capital, Founderbank Capital, Cambium Grove, Endeavor Catalyst, and Pinelabs CEO Amrish Rau also took part in the round, which brings the total funds raised by the company to US$22 million, according to a statement.

BukuKas founders Lorenzo Peracchione (left) and Krishnan Menon / Photo credit: BukuKas

Launched in late 2019, BukuKas helps small businesses manage their financial flows more easily through its digital bookkeeping services. With its app, clients can monitor sales, profits, and credit, as well as send payment reminder messages through WhatsApp.

The company said it has a widespread presence among the Tier 2, 3, and 4 cities in Indonesia, bringing features such as offline mode for users in areas with poor network connectivity or those who use low-end devices.

BukuKas said it plans to use the new capital to accelerate merchant acquisition, strengthen its engineering and product capabilities in both its offices in Jakarta and Bangalore, and expand its range of services.

As of November last year, the company said it has over 3.5 million registered small merchants and retailers on its platform, pushing its monthly active users to over 1.8 million.

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“We are excited by the massive adoption of BukuKas by merchants and retailers across Indonesia. This was further accelerated during the pandemic, when our obsessive focus on users and execution capabilities ensured that we were able to scale up rapidly,” shared BukuKas co-founder and chief operating officer Lorenzo Peracchione.

Peracchione started BukuKas together with its CEO Krishnan Menon after they had first worked together at Lazada Indonesia. The company closed its seed funding last year in a round led by Sequoia’s Surge.