Thursday, 24 April 2025
26.8 C
Singapore
29.9 C
Thailand
19.5 C
Indonesia
28.8 C
Philippines

Accounting app from Indonesia raises seed funding from Sampoerna, East Ventures and others

“In Indonesia, over 60 million micro, small, and medium-sized businesses (MSMEs) rely on outdated methods of bookkeeping or don’t do bookkeeping at all,” stated the co-founder of BukuWarung, a digital bookkeeping startup, Abhinay Peddisetty. BukuWarung aims to help merchants, more so small merchants do business efficiently. It has announced that it raised an undisclosed amount […]

“In Indonesia, over 60 million micro, small, and medium-sized businesses (MSMEs) rely on outdated methods of bookkeeping or don’t do bookkeeping at all,” stated the co-founder of BukuWarung, a digital bookkeeping startup, Abhinay Peddisetty.

BukuWarung aims to help merchants, more so small merchants do business efficiently. It has announced that it raised an undisclosed amount of money in its seed funding that was led by East Ventures.

AC Ventures (previously Agaeti Ventures and Convergence Ventures), Tanglin Venture Partners, and Golden Gate Ventures also participated in the funding round. Other backers include Indonesian tycoon Michael Sampoerna as well as strategic investors from Gojek, PayPal, Xendit, Zen Rooms, Grab, Flipkart, and Rapyd, among others.

The acquired funds will be used to expand the Jakarta-based team on functions such as growth, product, design, engineering, and partnerships.

The BukuWarung app tracks all transactions, including sales, credit, and expense, helping small merchants get their cash flow visibility through business reports. It claims that merchants get three times faster repayments, plus they see increased cash because of the automatic reminders that are sent by the app. The merchants are also able to save an average of US$6.70 in bookkeeping.

Most of the people using the BukuWarung app are from tier-three and tier-two cities, a statement revealed.

The startup was started late 2019, and within the few months they have been operational, the app has recorded millions of cash and credit transactions by over 250,000 MSMEs across 500+ small towns and cities in Indonesia.

However, Peddisetty stated that they still have a long way to go. “Despite the strong initial traction, we are still less than 1% done,” he said. “Kasbon (credit) drives up to 80% of our business, which is why we have decided to focus on digital bookkeeping as our initial product,” he further added.

Co-founder Chinmay Chauhan stated that BukuWarung is planning to launch new features such as sending links to clients that will allow them to accept payments via e-wallets to reduce potential contracting of the rapid spreading COVID-19 disease. “We have also partnered with healthcare startups to create awareness for COVID-19, as the safety of our users is our number one priority right now,” Chauhan said.

Previously, Chauhan and Peddisetty both worked for a Singapore marketplace app, Carousell. The founder of Lunasbos, a two-way accounting app for MSMEs in the country, is also a part of the founding team of BukuWarung.

Hot this week

Intel prepares for major layoffs ahead of Q1 earnings

Intel plans to cut over 21,000 jobs this week, aiming to rebuild its focus and engineering culture under new CEO Lip-Bu Tan.

AMD’s RX 9070 GRE leak could bring welcome news for gamers

Leaked AMD’s RX 9070 GRE specs suggest a strong mid-range GPU with 12GB memory and fast clocks, perfect for modern gamers.

OpenAI may be creating a new social media platform with AI-generated images

OpenAI may launch a social platform with ChatGPT-powered image feeds, marking a new step into AI-driven social networking.

CeMAT Southeast Asia returns to Singapore to showcase the future of logistics and automation

CeMAT Southeast Asia 2025 will showcase innovations in logistics and automation, addressing rising complexities and tariffs within the supply chain.

GITEX ASIA x Ai Everything Singapore unites global tech investment elite with Southeast Asia VC funding set to surpass US$13 billion in 2025

GITEX ASIA x Ai Everything Singapore brings global startups, investors, and AI innovation to the heart of Southeast Asia’s thriving tech scene.

POCO launches entry-level C71 smartphone in Singapore with premium features

POCO launches the budget-friendly C71 smartphone in Singapore, offering premium design, enhanced cameras, and smooth performance at S$109.

NVIDIA uses AI to address climate, wildlife and disaster risks

NVIDIA’s AI tools support climate action, wildlife monitoring, and disaster risk mitigation, with uses spanning sea, land, sky and space.

Netflix raises subscription prices in Singapore again

Netflix again raises subscription prices in Singapore, with new rates for all plans and extra member slots.

GameMax unveils Blade Concept ATX case with bold design and powerful features

GameMax launches the Blade Concept ATX case, which features a striking blade design, RGB lighting, and support for high-end liquid-cooled PC builds.

Related Articles

Popular Categories