Jeff Bezos has invested $80 million in Lummo, a software-as-a-service (SaaS) startup that, like Shopify, helps small businesses come online. Lummo was previously known as BukuKas and was based in Jakarta and Bengaluru.
Indonesia-based SaaS startup Lummo announced the series C funding round sponsored by Tiger Global and Sequoia Capital India on February 17, 2022. The funding was made through his investment firm, Bezos Expedition.
Together with venture capitalist heavyweights Tiger Global and Sequoia Capital India, Bezos’ participation aims to strengthen Lummo’s ambition to accelerate the business growth in Indonesia and the rest of Southeast Asia.
According to a senior corporate executive, the new investment would help the company develop its talent base in India, where it plans to triple its tech and product personnel. In 2022, it will triple its investment in Indian talent across product, engineering, strategy, and HR.
Krishnan Menon, CEO and Founder of Lummo, said, “We are honored to have Jeff Bezos’ support in this Series C investment round as we prime our business for exponential growth over the coming months and years.”
“The investment will strengthen Lummo’s efforts to further build on our direct-to-consumer product offerings and deliver greater value to entrepreneurs and businesses in Indonesia. We hope to accelerate their business growth and maximize operational efficiency using our SaaS model,” added Menon.
The journey of Lummo
BukuKas, a bookkeeping app for small and medium enterprises, was founded in 2019. In 2020, the company expanded by introducing Tokko, an online direct-to-consumer commerce builder. Tokko has since been renamed LummoShop.
The startup currently has a team of around 100 in India and will look to take it to about 300 by the end of FY2.
Menon said, “Backing of this scale underlines our belief that Indonesia and Southeast Asia are emerging as the next great destinations for tech investment. Lummo is looking to expand to other Southeast Asian markets to tap into the growing opportunity in the region.”
Menon noted that the company’s gross merchandise value (GMV) doubled, and revenues increased by 40 percent in the prior quarter.
Lummo serves as a conduit to entrepreneurs and brands for managing their customer orders from multiple shopping platforms. This is possible with the platform’s flagship product LummoSHOP.
Other robust features include chat commerce, catalog integration, customer domains, personalized features and more. The startup’s service will also help them create their official customized website, giving them the power to build their unique brand and identity.
