The oversubscribed round was led by Valar Ventures, marking the firm’s first investment in Indonesia, and Goodwater Capital. BukuWarung did not disclose its valuation, but sources tell the company is estimated to be worth between USD 225 million to USD 250 million.
Other participants included returning backers and angel investors like Aldi Haryopratomo, former chief executive officer of payment gateway GoPay, Klarna co-founder Victor Jacobsson and partners from SoftBank and Trihill Capital.
BukuWarung’s services, including digital payments, inventory management, bulk transactions and a Shopify-like ecommerce platform called Tokoko, are designed to digitise merchants that previously did most of their business offline (many of its clients started taking online orders during the COVID-19 pandemic).
It is building what it describes as an ‘operating system’ for MSMEs and currently claims 6.5 million registered merchants in 750 Indonesian cities, with most in Tier 2 and Tier 3 areas. BukuWarung’s new round brings its total funding to USD 80 million.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now