majoo secured another $5 M to provide end-to-end SaaS solutions to Indonesian SMEs
In its pre-Series A round, majoo, a comprehensive SaaS business solution platform for Indonesian SMEs, raised an extra $5 million.
AC Ventures and Quona Capital co-led this round, with BRI Ventures and Jakarta-based fintech startup Xendit participating.
This round takes the total amount of money raised in this round to almost $9 million. The funding will be used to accelerate majoo’s product development, which will involve the integration of its quick online shop and marketplace.
The startup will also increase its personnel and extend its market presence.
Former LinkAja commercial head Adi Wahyu Rahadi, former PT Sentra Inti Nusa Energi director Audia Rizal Harahap, and current VP Engineering Bayu Indriarko founded majoo in 2019.
The firm began as a POS solution for MSMEs, but has now evolved to give an end-to-end SaaS solution that includes staff management, POS, and inventory management throughout the selling process for Indonesian microentrepreneurs.
The firm, which is based in Jakarta, has a tech team in Malang, as well as support teams in 60 locations and sales reps in over 100 cities
During the epidemic, majoo claims to have gained over 25,000 active merchants with a 12-month retention rate of 250 percent.
Majoo claims to have completed over 100 million transactions worth $600 million for MSMEs in more than 600 Indonesian cities, spanning a wide spectrum of industries from food and beverage to laundromats and convenience shops.
Majoo received $4 million in pre-Series A fundraising from AC Ventures, with participation from BRI Ventures and Xendit, in October.
According to data from the Indonesian Ministry of Cooperatives and SMEs, the archipelago has over 63 million MSMEs, accounting for nearly all the country’s enterprises. According to the UOB ASEAN Transformation Study, the percentage of digitisation for the country’s MSMEs was just 13% in 2019, with internet access continuing a problem.
