BukuWarung Bags 855 Billion Rupiah Series A Funding, Aldi Haryopratomo Participated as Angel Investor

BukuWarung today (10/6) announced series A funding worth of $60 million or equivalent to 855.3 billion Rupiah. With oversubscribed status, this round was led by Valar Ventures and Goodwater Capital. The company said this funding is the largest series A ever obtained by a startup in a related field.

In addition, Golden Gate Ventures and Blue Fund are reportedly involved in this round. Also participated some angel investors, including Aldi Haryopratomo, Victor Jacobsson, and several others. Currently, BukuWarung has successfully collected over $80 million from its investors.

In early February, BukuWarung has announced funding from Rocketship.vc. The round is said being participated by several retail companies in Indonesia and angel investors. This is a follow on funding from the pre-series A fundraising the company has secured in mid-2020, with Quona Capital as the lead investor.

According to our sources, BukuWarung's valuation has reached $200 million. The investors involved in BukuWarung's funding include Y Combinator, East Ventures, AC Ventures, Soma Capital, Sampoerna, HOF Capital, GMO Venture Partner, Venture Souq, Tanglin Venture Partners, DST Global, and angel investors from technology company leaders such as Grab, Gojek, Uber, Airbnb, Modalku, Xendit, etc.

This round was announced shortly after its rival BukuKas received an investment worth of $50 million. It was led by Sequoia Capital India, with a number of well-known angel investors, including Gokul Rajaram and Taavet Hinrikus, co-founders of TransferWise.

Both applications provide similar services, financial management for MSMEs. It includes financial records, financial reports, and debt collection features. In the future, both BukuWarung and BukuKas will also transform into integrated fintech services, enabling MSME players and their customers to access various financial products online.

Currently, the main focus lies in tier-2 and 3 cities, with the quite large unbanked population in the region. Based on the statistics, BukuWarung has gathered 6.5 million merchants in 750 cities.

In order to support its services, BukuWarung has launched the Tokoko application, a platform that allows merchants to open their online stores independently. Users can list their products, manage orders, accept payments, track deliveries, and talk to customers.

–Original article is in Indonesian, translated by Kristin Siagian