majoo Confirms Pre Series A Funding Worth of 130 Billion Rupiah
The new investors participated in this round are Quona Capital and Xendit
After raising a $4 million pre-series A funding in late 2021, majoo has completed the round and raised a total $9 million or equivalent to 130 billion Rupiah. New investors are participating in this round, including Quona Capital and Xendit. BRI Ventures also injected more funds into majoo.
majoo's Co-Founder & CEO, Adi W. Rahadi confirmed to DailySocial on this funding. The follow-on funding has been part of majoo's pipeline which has been mentioned in the previous interview.
majoo was founded by three, Adi W. Rahadi (CEO), Audia R. Harahap (COO), and Bayu Indriarko (VP Engineering). Previously, the three founders were retail business players who also served SME customers, therefore, they are familiar with various difficulties around the field.
Platform that offers similar services to majoo include Moka, which is part of GoTo Group's merchant ecosystem. There is also Qasir which started to target the regional market, Pawoon with 25 thousand active merchants, Youtap, which wraps its services with a loyalty program, and many more.
majoo's business solution is basically an app with a monthly subscription fee or SaaS. The company has reached more than 15 thousand paid users, including entrepreneurs across more than 600 cities in Indonesia with various types of businesses. It is ranging from F&B, retail, services, and other types of entrepreneurs.
Was founded in 2019, majoo claims to have processed more than 80 million transactions worth of $600 million or over 8.4 trillion Rupiah for MSMEs across 600 cities/districts in Indonesia from various types of businesses, icnluding F&B and laundry.
The service starts from a point of sales (POS) aka cashier application. Currently, it expands to the employee management, inventory, CRM applications, and online marketplace. Statistically, majoo claims to have grown by 85% YoY and has acquired more than 20K active users with a good retention rate.
–Original article is in Indonesian, translated by Kristin Siagian