Golden Gate Ventures | Venture Capital for Southeast Asia

Meet BukuWarung, the bookkeeping app built for Indonesia’s 60 million “micromerchants”

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In Indonesia, there are about 60 million “micromerchants,” typically small store owners who sell food and other staple items, and have close relationships with their customers. Many often extend informal lines of credit to shoppers, but much of their financial tracking is still done with pen and paper ledgers. Chinmay Chauhan and Abhinay Peddisetty, the co-founders of BukuWarung, want to digitize the process with a financial platform designed especially for small Indonesian businesses. Their goal is to start with bookkeeping tools, before expanding into services, including access to working capital.

The startup is currently taking part in Y Combinator’s startup accelerator program. BukuWarung has also raised seed funding from East Ventures, AC Ventures, Golden Gate Ventures, Tanglin Ventures, Samporna, as well as strategic angel investors from Grab, Gojek, Flipkart, PayPal, Xendit, Rapyd, Alterra, ZEN Rooms and other companies.

Chauhan and Peddisetty met while working together at Singapore-based, peer-to-peer marketplace Carousell, where they focused on developing monetization products for sellers. Chauhan also worked on products for merchants at Grab, the largest ride-sharing and on-demand delivery company in Southeast Asia. But the inspiration behind BukuWarung is also personal, because both Chauhan and Peddisetty’s families run small neighborhood stores.

“We can look at this more deeply given the experience we have monetizing merchants at Grab and Carousell,” Chauhan said. “We also know good potential exists in Indonesia, where we can help 60 million micromerchants come online and digitize. From a macro level, we felt this would be a huge opportunity, and there is also the personal element of potentially being able to impact millions of merchants.”

Paper records not only make tracking finances a labor-intensive process but also mean it is harder for merchants to gain access to lines of credit. Chauhan and Peddisetty told TechCrunch that their goal is to expand the company to financial services as well, doing for Indonesian merchants what KhataBook and OKCredit have done in India.

 

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