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The Silicon Review Asia

Indonesian SaaS Startup Lummo Raises $80M in Series C Funding

Indonesian SaaS Startup Lummo Raises $80M in Series C Funding

Lummo was formerly known as BukuKas.

Lummo (formerly known as BukuKas) has raised $80 million in its Series C round of funding. The round of funding was led by Tiger Global and Sequoia Capital India. The round also attracted funding from CapitalG, Santiago Sosa (NuvemShop CEO); and former Lazada CEO Max Bittner.

"We are delighted to welcome our new investors to support Lummo’s journey to digitise and accelerate the growth of MSMEs," said Krishnan Menon, CEO and Founder of Lummo in a statement. "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."

The Indonesian company will be using the fresh funding to accelerate its growth in the country and Southeast Asia.

"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 its continuous improvement and innovation to enable MSMEs to grow in online commerce," said John Curtius, Partner at Tiger Global.

Lummo was founded in 2019 as BukuKas, by Krishnan Menon and Lorenzo Peracchione. It is a bookkeeping app for MSMEs. The company expanded its business by launching Tokko, an online D2C commerce builder in 2020. This has also been rebranded as LummoSHOP now. 

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