BukuWarung investment
The story: BukuWarung, an accounting and credit management app for Indonesian micro-businesses, has secured pre-Series A funding
Investors: Quona Capital (lead), East Ventures, AC Ventures, Golden Gate Ventures, Tanglin Venture Partners, Michael Sampoerna, Snapdeal founders.
What is BukuWarung:
- The startup helps micro-businesses to manage their cash and credit transactions. Merchants receive 3x faster repayments and see increased cash flow due to the automatic payment reminders sent by the app.
- The app tracks all transactions including credit, expense and sales, and helps merchants get cash flow visibility through business reports.
Business update: To date, BukuWarung has served more than 600,000 merchants across 750 locations in Indonesia.
Additional points:
- BukuWarung is a member of Y Combinator’s Summer 20 batch. It will participate in YC’s upcoming Demo Day on August 24, 2020.
TiinTiin.id funding
The story: TiinTiin.id, a multi-vertical transactional marketplace for used cars and motorcycles, closed US$2.5-plus million in seed financing.
Lead investors: Rolf Monteiro (CEO), Amand Ventures, and Luminary Media Nusantara.
Plans with the money:
- For expansion into motorbikes, used car B2B and B2C spaces, and to introduce additional financing options across its large network of buyers.
- Intends to launch in other Southeast Asian markets.
Additional points:
- CEO Monteiro has previously served as CEO and Founder of BeliMobilGue.co.id.
- TiinTiin.id has expanded its retail network throughout Greater Jakarta.
- Since launch in Q2 2020, the company has scaled to over US$7 million annualised GMV (1,200-plus annualised transactions) with over 70 per cent growth.
BeliMobilGue rebranding
The story: Used car selling platform BeliMobilGue has rebranded to OLX Autos Indonesia.
The backstory: This follows a recent Series A investment led by Frontier Car Group, which is backed by Naspers/OLX.
OLX is now cited as majority shareholder in the startup
New plans: BeliMobilGue CEO Johnny Widodo said the company will work together with OLX to launch new services. There will be no changes in team structure
Business update: The startup claims its services are available in seven cities in Indonesia with 100 inspection centres and has 200 partner-dealers.
—
Image Credit: BukuWarung
The post In brief: BukuWarung and TiinTiin.id raise funding; BeliMobilGue rebrands to OLX Autos Indonesia appeared first on e27.