The Indonesian accounting and credit management app for micro-businesses announced today that it received an undisclosed amount of pre-Series A funding in a round led by Quona Capital. Existing investors such as East Ventures, AC Ventures, Golden Gate Ventures, Tanglin Venture partners, and Indonesian conglomerate Michael Sampoerna also participated.
“Micro-businesses have always been underserved in Indonesia, and have very little access to quality financial services,” said Abhinay Peddisetty, co-founder of BukuWarung. “Left behind by banks and financial institutions, business owners have long relied on pen, paper and calculators to track cash and credit transactions.”
Micro, small, and medium enterprises contribute over 60% of Indonesia’s USD 1 trillion GDP. Yet, these businesses are still running on manual processes to do their accounting and bookkeeping. Founded by Peddisetty and Chinmay Chauhan in late 2019, BukuWarung offers a mobile app that helps small merchants keep track of all transactions, including credit, expenses, and sales. The company claims that merchants receive 3-times faster repayments and increased cash flow after using the app.
BukuWarung says it serves more than 600,000 merchants across 750 locations in Indonesia on its app. The last funding round dates back to April, when it raised an undisclosed amount of seed investment from East Ventures and others.
BukuWarung is the only Indonesian startup to be selected for the Y Combinator accelerator class “YC S20”, which has been held remotely. It will also participate in Y Combinator’s upcoming demo day scheduled for August.