Mekari Receives Series D Funding, Considering to Acquire Other SaaS Starutps

Mekari SaaS startup raises series D funding worth $18 million (more than 250 billion Rupiah) led by Money Forward, Inc. PT Mitratama Grahaguna, EV Growth, PT Supra Primatama Nusantara, PT Karang Mas Investama, PT Mitra Dutamas, PT Perkom Indah Murni, and Alto Partners are some investors participated in this round. Except for EV Growth and Alto Partners, these investors entered MidPlaza Holdings.

Money Forward was previously participated in the series C round in December 2019, which was led by EV Growth.

Mekari's Co-Founder and CEO, Suwandi Soh, said to DailySocial that the majority of the fresh funds will be used for the development of Mekari's main products, HR, Accounting, and Tax. The company recently released new innovations, Mekari Chat (integrated communication with HR) and Mekari Flex (modern employee benefit solution).

"Apart from product development, we are also actively looking at merger and acquisition (M&A) opportunities for Indonesian SaaS companies, in line with the company's vision to become a platform for modern companies in Indonesia," he explained, Monday (17/8).

Suwandi's statement is quite interesting, because Mekari (previously known as Sleekr) also fully acquired three SaaS startups, Talenta, Jurnal, and KlikPajak in April 2019. Then each service is consolidated into one platform, enabling Mekari to attract target users of various scales. effort.

In Indonesia, SaaS startup users is growing rapidly, it's also due to the Covid-19 pandemic. In terms of the supply side also, the number of players is increasingly diverse, offering its respective services.

Suwandi said, without further details, Mekari's business always grows positively every month. The fastest growing business sectors are services, trading and manufacturing. In terms of business sector, it is manjorly held by SMEs as Mekari's current products are very suitable for this sector.

"We have micro consumers, but not many. However, enterprise (large business) is also part of our segment that has grown very much in the last half of the year."

Mekari noted, users with more than 500 employees grew significantly. They use cloud HR products which are very helpful when adapting to the Covid-19 situation and compliance with new regulations such as PPh 21 by the government (DTP).

–Original article is in Indonesian, translated by Kristin Siagian