Rocketship.vc backs BukuWarung in improving digitalization, monetization for micro biz across Indonesia
Summary
BukuWarung has recently announced that it has raised an undisclosed amount with the support of Silicon Valley-based VC firm Rocketship.vc and an Indonesian retail conglomerate. This succeeds the startups pre-series A round led by Quona Capital in July 2020 and its most recent funding round in September 2020 with participation by DST Global, GMO Venture Partners, Soma Capital, HOF Capital, VentureSouq, and several angel investors.The FinTech startup focuses on empowering Indonesias 60 million MSMEs by digitizing their operations and providing them with a platform to handle their business bookkeeping and processing online payments. It also claims that its e-commerce platform has been used by around 500,000 partner merchants.Indonesias small to micro family-owned businesses are more commonly known as warungs. BukuWarungs platform provides business owners with better access to lines of credit, loans, and other financial services by helping them migrate from analog financial record keeping to their digital platform.Chinmay Chauhan, Co-Founder and President of BukuWarung, said that the startup has started turning a profit and now has declared revenues through their payments solution. BukuWarung plans to use its fresh capital to expand its tech and product teams in Indonesia, Singapore, and India.