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BukuWarung has digital financial ecosystem services for the management of MSMEs through digital bookkeeping, online storefronts and payments. Photo: Docs BukuWarung
JAKARTA – BukuWarung claims to have attracted 6.5 million MSME users in just two years since it first released its service.
They also conveyed the funding achievement of Rp861 billion (USD60 million), becoming the largest Series A funding ever received by a startup in the MSME sector globally. As a result, BukuWarung’s total investment reached Rp1.1 trillion (USD 80 million).
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Established in 2019, BukuWarung focuses on managing and developing MSME businesses; ranging from digital bookkeeping, online storefront to payments.
“MSMEs number 65 million, contributing more than 60 percent to the country’s economy,” said Abhinay Peddisetty, CEO and Co-Founder of BukuWarung. “MSMEs are also a key group that will lead Indonesia to become the largest digital economy player in Southeast Asia,” he added.
Throughout 2020, the value of Indonesia’s digital trade transactions reached IDR 253 trillion, and this year it will increase to IDR 330.7 trillion.
To achieve this, the government encourages the digitization of traditional MSMEs. It is expected that the number of MSMEs going digital will reach 30 million by 2030 (as of 2020 there are only 11.7 million).
Easy Service for MSMEs
Understanding the character of MSMEs in Indonesia, BukuWarung offers practical, easy and free solutions by prioritizing a simple user experience.
“We started the BukuWarung application by offering digital financial records that are easily accessible and used by MSME players,” said Abhinay.
The scope of BukuWarung’s services was then expanded to allow MSMEs to make digital payments. “It also helps them make the transition from offline to online to sell merchandise,” continued Peddisetty.
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