BukuKas Closes Series C Funding 1.1 Trillion Rupiah; Rebranding to Lummo
BukuKas, a startup developer of financial recording applications for MSMEs, announced the acquisition of series C funding of $80 million (over 1.1 trillion Rupiah).
Tiger Global and Sequoia Capital India took the lead in this round, followed by CapitalG as the arm investing of Google parent Alphabet Inc, and a number of angel investors, such as Santiago Sosa (Nuvemshop) and Maximilian Bittner (Lazada); as well as previous investors such as Hedosophia.
The total investment achievement that has been obtained by BukuKas since two years of existence is estimated at more than $150 million. The company’s valuation is projected to reach $500 million. Since the series B round announced in May 2021, BukuKas has attained centaur status.
Rebranding to Lummo
On this occasion, the company also announced the change of brand to Lummo. TOKKO, which is under BukuKas, was also rebranded to become LummoSHOP. Lummo is taken from the Latin “lumen” which means “light”.
The choice of this name is in line with the company’s ambition to be a light for entrepreneurs and brand owners, and make it easier for those with various potentials to build businesses through business-to-customer liaison software (D2C SaaS) services.
Lummo Co-founder & CEO Krishnan Menon explained, this name change signifies the company’s serious ambition to become top of mind as a solution for MSMEs. The previous name, BukuKas, was considered less aspirational for the company’s ambitions to reach more MSME business segments.
“We have built a lot of SaaS targeting many merchant segments, considering that our users come from various business levels. So, our role is to highlight all the needs of merchants and brands, previously many applications only focused on consumers,” he said in a virtual press conference held today (19/1).
The company believes that Lummo will be a bigger name than BukuKas and TOKKO. Regarding the use of investment funds, Lummo Co-founder & COO Lorenzo Peracchionesaid that it would be used to expand product offerings in order to serve more MSME entrepreneurs and brands.
This strategy can certainly be achieved with the need to recruit more digital talent. Not only that, the company is starting to target expansion into the ASEAN market, which has the same problems as Indonesia.
“ASEAN has great potential and has the same needs as Indonesia. However, we still make Indonesia the main market, there are still many MSMEs that have not been explored,” said Peracchione.
Bringing LummoSHOP to Users
Lummo was first launched in December 2019 under the name BukuKas, which is a bookkeeping application for MSMEs with a mission to empower and support more MSMEs towards digitization.
Then in November 2020, the company expanded to launch TOKKO, an online store creation service that allows businesses to build direct relationships with customers.
In the midst of high online business competition, MSMEs feel great benefits for managing their business better by utilizing the technological solutions presented by TOKKO, so that the Gross Merchandise Value (GMV) at TOKKO (now LummoSHOP) grows up to 11 times from December 2020 to December 2021.
To strengthen its commitment to encourage the digitization of regional MSMEs, the company also presents TOKKO Semesta, a community program for MSMEs by providing assistance, mentorship, and online business training with a personalization approach that adapts to the needs of MSME business scale online and offline.
The evolution of LummoSHOP strengthens the company’s advantage in technological innovation solutions that connect businesses directly with customers such as chat commerce, catalog integration, custom domains, multi-platform store management, personalization features for business branding, and various other exciting innovations.
The multi-platform store management feature in LummoSHOP makes it easy for MSMEs to manage all their customer orders from several shopping platforms at once and makes LummoSHOP the center of managing their online business operations.