Jakarta-based Lummo (formerly Bukukas) is a bookkeeping app for MSMEs, which works with the objective to empower and digitise them. Today, the startup has picked up $80 million in Series C funding.
Eyes to service more businesses
The investment round was led by Tiger Global and Sequoia Capital India alongside participation from other global tech and e-commerce investors including CapitalG, the independent growth fund of Google parent company Alphabet; NuvemShop CEO Santiago Sosa; and former Lazada CEO Max Bittner.
The proceeds of this round will allow the SaaS startup Lummo to further expand its product offering to micro, small and medium enterprises (MSMEs) in Indonesia and the rest of Southeast Asia.
“We are delighted to welcome our new investors to support Lummo’s journey to digitise and accelerate the growth of MSMEs,” said Krishnan Menon, CEO and Founder of Lummo. “The backing we’ve secured shows the confidence investors have in our team and product to become the preferred partner to merchants and MSMEs, as well as their conviction in the region’s rapidly growing digital economy.”
John Curtius, Partner at Tiger Global added, “We are thrilled to be a part of Lummo’s mission to empower aspiring entrepreneurs and brands to accelerate their growth and to serve their customers by giving them the best technology and partner solutions. Digital-led economic growth, especially in Indonesia and Southeast Asia, is a key investment focus for us. We have seen Lummo’s rapid growth over the past 2 years, and are proud to see the company’s continuous improvement and innovation to enable MSMEs to grow in online commerce. We look forward to supporting Lummo’s journey as it enters its next growth phase.”
LummoShop: All you need to know
Besides the investment, Lummo’s flagship product, TOKKO, has been rebranded to LummoSHOP. It is a software solution that lets entrepreneurs and brands unlock and maximise their business potential through online commerce. LummoSHOP will empower them to be strong businesses and at the same time remain customer-focused, which in turn will help manage their customer base and increase repeat business.
Merchants can use LummoSHOP to manage all their customer orders from various shopping platforms. Eventually, this product is a one-stop shop for all their online commerce operations. Furthermore, it lets merchants create their own official website that can be customised, thereby giving them the power to build their own unique brand and identity.
Besides, the service helps merchants sell more easily through social media channels. With LummoSHOP, it helps those who want to provide an easy, safe, hassle-free, and enjoyable online shopping experience for customers.
Lummo was founded as Bukukas in December 2019 by Lorenzo Peracchione and Krishnan Menon. Later, the company expanded its business from being a bookkeeping app with the launch of TOKKO in 2020. It is an online direct-to-consumer commerce builder that lets entrepreneurs manage their businesses better during the challenging time.
Soon, it progressed to become a success and witnessed a growth rate of 11X in one year. As of mid-2021, the company onboarded 6.3 million businesses and has three million monthly active users. By the end of 2022, BukuKas aims to reach more than 20 million SMEs in the region.
Prior to its rebranding, the company launched BukuKasPay in 2021 for businesses to pay suppliers online and accept digital payments but the service was discontinued the same year.