Lummo (previously known as BukuKas) on Wednesday said it has raised USD 80 million (about Rs 595.8 crore) in funding led by Tiger Global and Sequoia Capital India.
Other global tech and e-commerce investors such as CapitalG (independent growth fund of Google parent company Alphabet); NuvemShop CEO Santiago Sosa; and former Lazada CEO Max Bittner also participated in the Series C round, a statement said. Lummo is a software-as-a-service (SaaS) startup seeking to accelerate the business growth of 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. 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,” Krishnan Menon, CEO and Founder of Lummo, said.
The company offers entrepreneurs and brands the opportunity to sell directly to their customers and enable them to build a strong and distinctive brand online, using LummoSHOP, he added. India-born Krishnan – who is now based in Jakarta – noted that the D2C (direct-to-consumer) approach enabled by the company’s SaaS stack will help merchants and MSMEs in establishing strong relationships with their customers and help them face the intense competition in the online market today.
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 two years, and are proud to see the company’s continuous improvement and innovation to enable MSMEs to grow in online commerce,” John Curtius, Partner at Tiger Global, said. Lummo was launched in December 2019 as BukuKas, a bookkeeping app for MSMEs, to empower and digitise them. It later expanded its business by launching Tokko, an online direct-to-consumer commerce builder, in November 2020.