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HomeStart UpSaas startup Lummo receives an investment of $80 million

Saas startup Lummo receives an investment of $80 million

Lummo (previously known as BukuKas), a Jakarta and Bengaluru-based startup that provides software to help small businesses go online, has received an investment of $80 million from Amazon.com founder Jeff Bezos. Lummo offers a Shopify-like direct-to-consumer (D2C) software-as-a-service (SaaS) solution for entrepreneurs and brands. 

According to a senior corporate official, the funding would help the company develop its talent base in India, where it plans to triple its tech and product personnel. In 2022, the business will triple its investment in Indian talent across product, engineering, strategy, HR, and finance divisions.

“We currently have a team of around 100 in India and will look to take it to around 300 by the end of FY 24,” Krishnan Menon, founder and CEO, Lummo, said.

This is Bezos’ second investment in the Indonesian startup ecosystem. “Backing of this scale underlines our belief that Indonesia and Southeast Asia are emerging as the next great destinations for tech investmen,” Menon said.

Menon stated that the company is trying to expand into other Southeast Asian markets to take advantage of the region’s expanding opportunities. 

The company extended its business by introducing Tokko, an online direct-to-consumer commerce builder, in 2020, after launching BukuKas, a bookkeeping software for MSMEs, in 2019. Tokko has since been renamed LummoShop. 

Menon added that the company’s GMV doubled, and its revenues increased by 40% in the prior quarter. According to the business, the internet sector in Southeast Asia continues to grow significantly, with Indonesia leading the way.

“We find that Indonesian entrepreneurs are ambitious and growth-oriented, focusing on building their own local brands,” said Menon.

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BRL Editorhttps://businessreviewlive.com
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