Fintech startup BukuWarung raises USD 60 million in Series A funding

Indonesia-based fintech startup BukuWarung has reportedly raised USD 60 million during a Series A funding round that was led by Valar Ventures and Goodwater Capital. The company has now raised a total of USD 80 million in investments and has reached a valuation of around USD 250 million, cited sources with relevant information.

The funding round also saw participation from former CEO of GoPay Aldi Haryopratamo, Victor Jacobsson, the co-founder of Klarna, and partners from Soft Bank and Trihill Capital.

BukuWarung is expected to use the recent infusion to intensify its technological and product proficiency throughout its core accounting, commerce, and digital payment systems. It is looking forward to hiring aggressively to reinforce its engineering and product teams across Indonesia, India, and Singapore.

Reportedly, BukuWarung is also planning to strengthen its platform by streamlining the workflow for payments and providing intense accounting to its merchants.

Abhinay Peddisetty, the co-founder and CEO of BukuWarung, was quoted saying that the startup intends to focus on providing the best products and services to the MSMEs as is evident from its advanced payments and accounting interface.

BukuWarung’s offering of inventory management, digital payments, e-commerce platform namely Tokoko, and bulk transactions are known to have a user-friendly interface. The startup claims to have around 6.5 million registered merchants from 750 cities from Tier 2 and Tier 3 pockets of the country.

If reports are to be believed, the Jarkata-based fintech firm has carried out transactions worth USD 1.2 billion in the present fiscal year to date and aims to clock over USD 10 billion worth of transactions by 2022.

Founded in 2019, BukuWarung aims to target more than 60 million MSMEs in Indonesia. Experts have claimed that these businesses contribute to 61% of the Indonesia’s GDP and employ over 97% of the country’s working population.

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