Lummo secures $80 million funding from Jeff Bezos & others

Amazon founder Jeff Bezos has invested as part of an $80 million funding round in Lummo (formerly known as BukuKas), a Jakarta and Bengaluru based company that offers software to enable small companies to go online. Lummo provides Shopify like direct to consumer (D2C)software-as-a-service (SaaS)solution for entrepreneurs and brands. The extended funding, done through Bezos'personal investment firm Bezos Expedition, comes a month after the company said it has raised $80 million in its Series C round of funding led by Tiger Global and Sequoia Capital India. The fundraise will help the company expand its talent base in India where it is looking to more than triple its tech and product workforce, a senior company official said. The company's investment in Indian talent will go up three times in 2022 across product, engineering, strategy, HR and finance teams.

"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", said Krishnan Menon, Founder and CEO, Lummo in an exclusive chat. 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 investment", he added. The company is looking to expand to other Southeast Asian markets to tap into the growing opportunity in the region.

Lummo provides shopify like direct to consumer(d2c)software-as-a-service (saas)solution for entrepreneurs and brands

Founded in 2019 as BukuKas, a Bookkeeping App for MSMEs, the company expanded its business by launching Tokko, an online direct-to-consumer commerce builder, in 2020. It has since rebranded Tokko as LummoShop. In the last quarter, the company witnessed its GMV double and its revenues grow by 40 percent. According to the company, Southeast Asia's internet sector continues to develop rapidly, with Indonesia as the leading market. "We find that Indonesian entrepreneurs are ambitious and growthoriented, focusing on building their own local brands", said Krishnan.