Indonesian fintech company BukuWarung, founded by Indian entrepreneurs Chinmay Chauhan and Abhinay Peddisetty, has raised $60 million in Series-A funding, increasing the total fundraising to about $80 million.
The round was led by US-based venture capital firms Valar Ventures, early investors in global fin-tech unicorns Wise and N26, and Goodwater Capital, the company said in a statement.
Existing investors such as Quona Capital and angel investors such as former GoPay CEO Aldi Haryopratomo, Klarna founder Victor Jacobsson, Khatabook CEO Ravish Naresh and partners from SoftBank and Trihill Capital also took part in the round.
The funding is the largest Series-A round raised by an MSME player globally, it added.
BukuWarung will use the funding to enhance technology and product capabilities across core accounting, digital payments, and commerce products. The company is expected to double the team size within a year by hiring across regions, including India, Indonesia, and Singapore.
Abhinay Peddisetty, Co-Founder & CEO of BukuWarung, said: “The digital solutions specific to the needs of small businesses in the emerging economies of Asia and the world are the need of the hour with the aftermath of the Covid-19 pandemic”.
“We are already a leader in MSME digital payment in Indonesia. With this funding, we aim to leverage the talent base and learnings from the MSME ecosystem across Asia, including India, for the digital empowerment of MSMEs in Indonesia and beyond,” he added.
BukuWarung is a Y-Combinator-backed technology company that builds digital infrastructure for 60 million MSMEs in Indonesia. To date, the company has more than 6.5 million registered merchants on the platform across 750 Indonesian cities and towns.