Heaptalk, Jakarta — Indonesia-based MSME enabler platform, Majoo, has obtained US$10 million in a Series A funding round led by an undisclosed global technology investor and supported by existing investors, including AC Ventures, Quona Capital, BRI Ventures, and Xendit.
Through this latest capital, this integrated SaaS platform intends to expand customer reach, initiate more strategic partnerships, and accelerate market penetration. This startup also aims to execute its long-term goals of providing comprehensive innovation to become a complete end-to-end SaaS solution for Indonesian MSMEs and drive their business growth in Indonesia.
Responding to the investment, Majoo’s Founder and CEO, Adi Wahyu Rahadi, stated, “This funding round from strong, global, and prominent investors make us more excited to embark on the company’s new phase. The funds will be used to continue our long-term mission and to help Indonesia’s MSMEs evolve. It will help expand our technology development roadmap and form foundational, strategic partnerships that will further scale our business,”
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The wave of lockdowns and stay-at-home regulations had encouraged large swatches of Indonesian MSMEs to start their journey in online-based business through e-commerce platforms. During the pandemic, this new online-based business ecosystem has significantly increased the Majoo’s growth by 800%.
“Digitalization plays a major role in transforming MSMEs. To date, Indonesian MSMEs have benefited from new tech that enables them to gain access to a national audience, reduce operational costs, and optimize transaction processes. Majoo will act as a driving force for digitization and continue empowering and growing MSMEs with our end-to-end solution,” said Adi.
Majoo’s software-as-a-service (SaaS) suite contributes to SMEs by offering several solutions, covering an online cashier system, inventory management, accounting tools, and an all-in-one management dashboard for selling online across various e-marketplaces.
The SaaS has demonstrated a strong case for product-market fit and successfully operated widely in diverse business sectors, processing over 166 million transactions worth US$70 million for MSMEs in more than 600 cities in Indonesia. This startup has also involved multiple customers, ranging from food and beverage outlets to barbershops, laundromats, and convenience stores.
Following this newest capital, Founder and Managing Partner of AC Ventures, Adrian Li, voiced, “Majoo is at the forefront of technologies empowering MSMEs to emerge stronger out of the pandemic as consumers and businesses embrace digital consumption habits. In addition, their 12M customer retention of over 80% shows how valuable their software platform is to their users,”
Adrian also added, “As a thesis-driven investor, Majoo’s founding team, clear product-market fit, and surging growth metrics during a time of market upheaval make us proud to be their first institutional investor. We couldn’t be happier to join this company as it continues powering up the country’s 64 million MSMEs.”
Likewise, the Partner of Quona Capital, Dan Bertoli, affirmed, “This SaaS platform’s traction since we co-led their pre-series A round has been impressive. We are pleased about Majoo’s products — the fully in-house-developed payment and support features are, in our view, the best in the market. We are confident that Majoo is on the right track to becoming the leader in POS in Indonesia,”
Simultaneously, the CEO of BRI Ventures, Nicko Widjaja, is confident that the synergy between this startup and BRI will digitize MSMEs in Indonesia. Nicko also claimed the Majoo’s goals are aligned with BRI Ventures’ commitment to boosting Indonesia’s financial inclusion and creating a sustainable SME empowerment environment in this digital era.