BukuKas, which has been seen as the key way to make Indonesia feel the power of digitalisation, has raised a funding of $50M. The approach of the Indonesian start-up is to provide small business the tool of digitalisation that can help the nation to move forward with western nation to certain extent. This does include the investors like Gokul Rajaram of DoorDash and TaavetHinrikus of TransferWise. The update came after they did raise $10 million Series A which was won by Sequoia Capital India. After just four months, they have taken the five times bigger investment. It does show how fast they are looking to move in for becoming a leader in a new market where they can look to make profits.
Bukukas sees 50m funding as a seriesshu or shine in a techcrunchmanner.
Hence, it feels as BukuKas can be a key player in many developing nations. Hence, several investors are looking them as a great platform to make an impact in the very best way. They are using the Series B funding to get quality engineering and product teams in Jakarta and Bangalore, where they are leading things from the technical point of view.
BukuKasChief executive officer, better known as CEO, Krishnan Menon said after they managed to get USD 50 million funding: “We’ve been growing really fast and there was a lot of interest from some very good people.”
He added: “This is not a capital-need based raise, but more of a tactical raise and having the right people back us long term.”
BukuKassees the Indonesia as a great market to make growth; hence, they so see 50m USD funding as a key move to shine in the market and make a bigger impact. This does lead them to have a creative look, feel and impact.
Menon and Lorenzo Peracchione did startBukuKas in December 2019. They met while working at Lazada Indonesia. It did allow to them sit and make a plan that has indeed changed the way Indonesia work. It also opened doors for similar start-ups to make an impact in the very best way. They have over 3 million monthly active users and more than 6.3 million businesses have added this tool. $25.9 billion USD is the annual transaction the platform does. It does seem to be a great investment if one sees the population of the nation, which is not huge like India or the United States.
Bank Indonesia is happy with this growth and sees the COVID-19 as they major reason that boosted this growth in the very best way. It feels without COVID, it would have been a slow process to understand the need. Bank Indonesia sees locals seeing this as a faster way to do transactions, and they feel that it is very safe also. Hence, it does tell a lot about the structure these start-ups are operating in for winning the faith of the users. BukuKas feels that $50M is going to help them to make the platform look better from several different angles.