Majoo, an Indonesian business that provides omnichannel solutions for MSMEs, has raised US$4 million in pre-Series A investment from AC Ventures, BRI Ventures, and Xendit.
With the additional financing, majoo will continue to expand its platform with new features to help MSMEs build their businesses. By the end of 2022, it hopes to have expanded its staff to more than 100 cities throughout Indonesia.
Adi W Rahadi and Audia R Harahap launched the SaaS company in 2019. Rahadi was previously the CEO of T-Cash (now LinkAja), and Harahap was the CEO of many MSMEs.
Majoo, which began as a point-of-sale solution for SMEs, is now evolving into an end-to-end SaaS that allows them to sell through different offline and online channels from a single dashboard.
According to the firm, its app has increased 85 percent year over year to over 20,000 active retailers. It has handled over 80 million transactions worth $600 million for MSMEs in over 600 locations throughout the archipelago, spanning a wide spectrum of industries from food and beverage to laundromats and convenience stores.
A pre-Series A investment round was concluded in July by the business.
MSMEs are the backbone of Indonesia’s economy, accounting for more than 67 percent of GDP and employing 90 percent of the country’s adult workforce.
“MSMEs are very dependent on offline sales activities. Looking at the pandemic situation, we developed e-commerce features in a mission to support MSME to pull through this challenging time. We provide them with a tool to create their own website, online payments, and integration with Grabfood, Tokopedia, Shopee, and other e-commerce services,” said Adi W. Rahadi, co-founder and CEO of Majoo.