Lummo (formerly BukuKas), a Jakarta, Indonesia-based tech startup that provides a digital ledger app designed to assist micro and small businesses in their cash management, raised $80 million in Series C funding.
The round was led by new investor Tiger Global Management and existing backer Sequoia Capital India.
The round is also joined by CapitalG, the independent growth fund of Google parent company Alphabet, (NuvemShop CEO) Santiago Sosa, (former Lazada CEO) Maximilian Bittner, and some angel investors.
The fundraising development comes as the company carves out its expansion plan in an increasingly crowded social commerce space both in Indonesia and other Southeast Asia countries.
Lummo plans to use the fresh capital to hire more technology, product management, and design talents to support a big, diverse team in both Indonesia and India. It will also be spent on community-building programs and getting more merchants to onboard the platform.
Company: PT BEEGROUP FINANCIAL INDONESIA
Round: Series C
Funding Month: January 2022
Lead Investors: Tiger Global Management and Sequoia Capital India
Additional Investors: CapitalG, Santiago Sosa, and Maximilian Bittner
Company Website: https://bukukas.co.id/
Software Category: Bookkeeping app
About the Company: Lummo, started as a bookkeeping app for micro small, and medium enterprises (MSMEs). It helps Indonesian MSMEs understand and manage their financial flows more effectively with easy-to-use digital bookkeeping that traders can download through their smartphones. It then made a series of strategic moves to accelerate its expansion, including acquiring a digital ledger app Cataan Keuangan Harian in September 2020 to gain market share and later expanded its offerings by launching ‘’Tokko’’ to help merchants set up online stores. Lummo currently operates in India’s social commerce space, the company is eyeing more markets such as Vietnam, Thailand, and the Philippines without a specific time frame. The firm was conceptualized to serve all Indonesia’s 60 million MSMEs with direct-to-consumer (D2C) and software-as-a-service (SaaS) offerings. The company was founded in 2019 and is headquartered in Jakarta, Indonesia.