Indonesia – Indonesian software-as-a-service (SaaS) startup Lummo, previously known as BukuKas, has raised US$80m in its Series C round of funding. The funding round was led by Tiger Global and Sequoia Capital India, and was also participated by other global tech and e-commerce investors such as CapitalG, the independent growth fund of Google parent company Alphabet, NuvemShop CEO Santiago Sosa, and former Lazada CEO Max Bittner.
Lummo was launched in December 2019 as BukuKas, a bookkeeping app for MSMEs, with the objective of empowering and digitizing them. It later expanded its business by launching TOKKO, an online direct-to-consumer commerce builder.
Krishnan Menon, Lummo’s CEO and founder, commented that they are delighted to welcome their new investors to support the startup’s journey to digitise and accelerate the growth of MSMEs
“We offer entrepreneurs and brands the opportunity to sell directly to their customers, and enable them to build a strong and distinctive brand online using LummoSHOP,” said Menon.
Meanwhile, John Curtius, Tiger Global’s partner, said, “We are thrilled to be a part of Lummo’s mission to empower aspiring entrepreneurs and brands to accelerate their growth and to serve their customers by giving them the best technology and partner solutions. Digital-led economic growth, especially in Indonesia and Southeast Asia, is a key investment focus for us.”
In addition to the funding announcement, Lummo’s flagship product, TOKKO, has been rebranded to LummoSHOP, aimed at cementing its status as a leading software solution to entrepreneurs and brands in unlocking and maximising their business potential through online commerce.
The name Lummo is derived from ‘lumen’, and the Latin word for ‘light’. This is in line with the company’s ambition to shine the spotlight on entrepreneurs and brands, enabling them to discover all possibilities to develop their business through its D2C SaaS stack.
Along with the rebranding to LummoSHOP, the company aims to strengthen its direct-to-consumer product offerings through technological innovations like chat commerce, catalogue integration, custom domains, multiple platform management, and personalized features for branding, amongst others.
LummoSHOP’s D2C model ensures a stronger relationship between the merchant and the customer with no third party sitting in the middle. The solution will allow merchants to access their customers’ records, purchase history, and other analytics that are crucial for building and growing an engaged customer base.
“LummoSHOP will empower them to be strong businesses and at the same time remain customer-focused, which in turn will help manage their customer base and increase repeat business,” said Menon.