Observing BukuKas Strategies for Fundraising
A #SelasaStartup session with BukuKas' Co-Founder & CEO, Khrisnan Menon
The MSME's digitization is a big topic that has been widely discussed throughout this pandemic, as this sector is considered most affected and in urgent need of digital solutions to survive. At the same time, a great potential lies in this sector. Therefore, in the past year, new players have emerged and succeeded in attracting investors to channel their funds.
One of the startups with an exponential growth is BukuKas. Within two years, the startup which focuses on developing applications for financial records for MSMEs, has successfully closed a series B funding round of $50 million (more than 727 million Rupiah). This is quite a large nominal for series B funding which usually starts from $30 million to $60 million.
What really makes this MSME financial recording business so sexy in the eyes of investors? And how can BukuKas' growth hacking strategy close the Series B round within just two years? Regarding this matter, #SelasaStartup invited the Co-Founder and CEO of BukuKas Krishnan Menon.
Product market fit first
BukuKas product is actually very simple, financial records for MSMEs. However, in order to get into today's products, companies have to do research many times, observe trends in the industry and ask user's feedback. In the first three months of BukuKas, the company invested a lot in product market fit.
After all, product market fit is a neverending process as there will always new innovations. Therefore, it takes passionate people for early team, having deep experience in the industry, and directing all available energy to achieve a good product.
“Because creating a product that is easy to use is not an easy process. It can be proven from our application usage in the industry as we see what the market needs,” Menon said.
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