Startup Majoo Announces 56.6 Billion Rupiah Funding from Several Investors
The startup developer of omnichannel services for MSMEs, Majoo, announced the acquisition of pre-series A funding of $4 million or equivalent to 56.6 billion Rupiah. This round was led by AC Ventures, with the involvement of BRI Ventures and Xendit.
Furthermore, majoo will focus on enriching features, expanding the team, and expanding to reach 100 us by the end of 2022. Previously, MSMEs relied heavily on offline sales activities.
Seeing the pandemic situation, the company developed e-commerce features in its mission to support MSMEs through this challenging time.
“We give them the tools to create their website, make payments online, and integrate with Grabfood, Tokopedia, Shopee, and other services from e-commerce,” said majoo Co-Founder & CEO Adi W. Rahadi.
Apart from Adi, the startup was also founded by Audia R. Harahap. Since its establishment in 2019, majoo claims to have processed more than 80 million transactions worth $600 million or more than 8.4 trillion Rupiah for MSMEs in more than 600 cities/districts in Indonesia from various types of businesses, from F&B to laundry.
AC Ventures has long recognized the tremendous potential for digitizing the MSME economy in Indonesia, and the pandemic has accelerated technology adoption in this sector for 3-5 years.
“Adi and Audia’s background and experience fit perfectly with their mission to deliver technology that empowers growth and productivity for millions of small business owners in Indonesia,” said AC Ventures Founder & Managing Partner Adrian Li.
Becoming an All-In-One Saas for MSMEs
Majoo service starts from a point of sales (POS) aka cashier application. Currently, it continues to be expanded to include employee management, inventory, CRM applications, to online ordering.
Statistically, majoo claims to have grown by 85% YoY and has acquired more than 20K active users with a good retention rate.
“We see a lot of potential synergies that can be done between majoo and the BRI Group ecosystem. For example, synergies in providing access to MSMEs for digital savings, digital loans and buy now pay later services from Bank Raya (formerly BRI Agro),” added the CEO of BRI Ventures, Nicko Widjaja.
When the problem of MSME access to capital can be resolved with the help of majoo, the company believes they can focus more on developing their business and be able to advance to class faster.
Having Multiple Competitors in the Same Sector
For the POS service itself, majoo is dealing with several predecessors such as Moka, who is currently part of the merchant ecosystem in the GoTo Group.
In addition, there is Qasir, which has started targeting the regional market, Pawoon with 25 thousand active merchants, Youtap, which has wrapped its services with a loyalty program, and many more.
However, the potential for services for MSMEs in Indonesia is still very large. No wonder innovators are competing to present application products to help MSME players develop.
According to data in the 2021 MSME Empowerment Report published by DSInnovate, there are several basic problems currently experienced by MSME actors in Indonesia.
To overcome these problems, 83% of MSME actors claim to use services from digital startups. From this hypothesis, the founders are passionate about presenting a variety of products with different value propositions. Currently, dozens of startups present various types of SaaS in this segment.
Grab Ventures Velocity (GVV) Batch 4 x Sembrani Wira has officially been held. This activity is a project that brings together the Grab and BRI Ventures accelerator programs to support the development of the startup ecosystem in Indonesia.
In this program, 6 startup finalists have been selected to take part in Grab Ventures Velocity (GVV) Batch 4 x Sembrani Wira, including Crewdible, Octopus, Dagangan, Majoo, Cooklab, and iSeller.
Majoo offers a complete entrepreneurial application from online cashier features, inventory, finance and accounting, attendance and employees, CRM, and business analysis.