Ex-Carousell execs’ fintech startup raises funding from Rocketship.vc, others

Fintech company BukuWarung announced it has raised an undisclosed sum from Silicon Valley-based VC Rocketship.vc, as well as from the early backers of payments platform Adyen, Brazil-based Nubank, fintech firm Revolut, and an unmentioned Indonesian retail giant.

BukuWarung founders Chinmay Chauhan (left) and Abhinay Peddisetty / Photo credit: BukuWarung

Launched in 2019 by by former Carousell employees Chinmay Chauhan and Abhinay Peddisetty, BukuWarung started off as an accounting application for micro, small, and medium-sized enterprises (MSME). The platform helps improve a company’s bookkeeping process by tracking all of its transactions including credit, expenses, and sales, and helps merchants with cash flow visibility through business reports.

Funds raised from the financing round will be used to expand the company’s technology and product team in Indonesia, India, and Singapore. It will also launch more products and features to digitize MSME business operations. The company aims to launch monetization products such as credit this year as well.

“In absence of a UPI-like solution in Indonesia, we launched a digital payments solution for our merchants, which has seen strong adoption and is already processing over US$500 million in payment volumes,” said BukuWarung co-founder Chauhan.

See also: ‘Edfintech’ in Indonesia: the billion-dollar opportunity

BukuWarung claims it has served over 3.5 million registered merchants across 750 cities and towns in Indonesia, most of them from tier 2 and tier 3 cities. The company also claims it has recorded over US$15 billion worth of transactions across its platform.

Investor Rocketship.vc has also backed digital ledger application Khatabook, which helps small and medium businesses track their transactions, In October 2019, Khatabook raised US$25 million in a series A round from investors including GGV Capital, Sequoia India, Tencent, and Y-Combinator, among others.

Last September, BukuWarung raised an undisclosed amount of new funding after graduating from global startup enabler Y-Combinator.