Indonesia-based startup Lummo, which focuses on digitising micro small and medium enterprise (MSME) operations, on Wednesday said it has raised $80 million as a part of its Series C funding led by Tiger Global and Sequoia Capital India.
The round also saw participation from CapitalG, the independent growth fund of Google parent company Alphabet; NuvemShop CEO Santiago Sosa; and former Lazada CEO Max Bittner, Lummo said in a statement.
Lummo, formerly BukuKas, said it will use the fresh funds to expand its product offering to MSMEs in Indonesia and to the rest of Southeast Asia.
The company, which was set up in December 2019 by Krishnan Menon and Lorenzo Peracchione, has also rebranded its product TOKKO as LummoSHOP. The rebranding is in line with the company's aim to help entrepreneurs and brands discover all possibilities to develop their business through its direct-to-consumer (D2C) software-as-a-service (SaaS) stack, it said. The name Lummo is derived from ‘lumen’, the Latin word for ‘light', it noted.
LummoSHOP's gross merchandise value (GMV) grew 11 times from December 2020 to December 2021, the statement said.
John Curtius, Partner at Tiger Global, said that the digital-led economic growth, especially in Indonesia and Southeast Asia, is a key investment focus for the US-based investment firm.
"We have seen Lummo’s rapid growth over the past two years... We look forward to supporting Lummo’s journey as it enters its next growth phase," added Curtis.
Tiger Global had previously backed other Indonesia based startups as well. Last year, it led a funding in fintech startup Xendit at a unicorn valuation.