Indonesian accounting app BukuWarung raises new capital, graduates from Y Combinator

Indonesian fintech startup BukuWarung said it has raised an undisclosed amount of new funding after graduating from global startup enabler Y-Combinator.

Photo credit: East Ventures

Investors in the new round include partners of DST Global, GMO Venture Partners, Soma Capital, HOF Capital, VentureSouq, and a number of angel investors.

Tinder co-founder Justin Mateen, Plaid’s William Hockey, Superhuman CEO and founder Rahul Vohra, Adobe chief product officer Scott Belsky, Spotify’s Sriram Krishnan, and other executives from Snapdeal, WhatsApp, Square, Fast, and Bond Capital were among the angel investors in the round.

BukuWarung also said that it has raised an over eight-digit amount in US dollars within this year. This includes its pre-series A round led by Quona Capital, which was announced in July.

“Our hypergrowth has been driven by a product-led and capital-efficient strategy. We’ve kept our product as simple, fast, and native as WhatsApp, which is used by almost all micro, small, and medium enterprises in Indonesia,” said BukuWarung co-founder Chinmay Chauhan.

The exec claims that this strategy helped BukuWarung achieve great retention and engagement among Indonesia’s more underserved merchants, most of which are coming online as a business for the first time.

Moving forward, the company said it looks to significantly grow its user base in Indonesia and explore credit, savings, and insurance offerings. To date, BukuWarung said it has served more than 1.2 million merchants across 750 locations in the country, recording several billions of US dollars in gross transactional value.

The company aims to use the new funding to bolster its tech team and develop a suite of financial services on its app. To this end, BukuWarung launched a digital payment feature in collaboration with e-wallets such as Ovo and Dana, as well as major Indonesian banks.