Indonesia’s Moka, a startup that helps SMEs and retailers handle cost and different business operations, has pulled in a $24 million Series B round for development.
The funding is led by Sequoia India and Southeast Asia — which recently announced a new $695 million fund — with participation from new backers SoftBank Ventures Korea, EDBI — the company funding arm of Singapore’s Economic Development Board — and EV Growth, the later stage fund from Moka seed investor East Ventures. Existing buyers Mandiri Capital, Convergence and Fenox additionally put into the round.
Moka was began 4 years in the past primarily as a point-of-sale (POS) terminal with some primary business performance. Today, it claims to work with 12,500 retailers in Indonesia and its companies embody gross sales reviews, stock administration, desk administration, loyalty packages, and extra. Its major areas of focus are retailers within the F&B, attire and companies industries. It prices upwards of IDR 249,000 ($17) per thirty days for its primary service and claims to be near $1 billion in annual transaction quantity from its retail companions.
That’s the corporate’s core providing, a cell app that turns any Android or iOS system right into a point-of-sale terminal, however CEO and co-founder Haryanto Tanjo — who began the agency with CTO Grady Laksmono — stated it harbors bigger goals.
“Our vision is to be a platform, we want to be an ecosystem,” he informed TechCrunch in an interview.
That’s the place a lot of this new capital might be invested.
Tanjo stated the corporate is opening its platform as much as third-party suppliers, who can use it to get to retailers with companies such as accounting, payroll, HR and extra. The focus is initially on local companies that cater to SMEs in Indonesia, however as Moka targets bigger enterprises as purchasers, he stated that it’ll combine bigger, global options, too.
Moka itself is increasing its capabilities on the cost aspect.
Indonesia, the world’s fourth largest nation based mostly on inhabitants and Southeast Asia’s largest economic system, is within the midst of a fintech revolution with quite a few companies pioneering mobile-based pockets companies aimed toward ending the nation’s fixation on cash-based transactions. That’s imply that there are a plethora of choices obtainable right now. Tanjo stated Moka is working to help all of them to be able to help its retailers develop their companies and shoppers to have simpler lives.
There are so multiple wallets right here in Indonesia,” he stated. “There are more than 10 right now and maybe in the next few months there’ll be 15-20, we want to be the platform that works with all of them.”
Already it really works with the likes of OVO, T-Cash and Akulaku, and e-wallets including DANA and Kredivo. The startup is also working in one other space of fintech: loans.
As an extension of its platform, it has tied up with SME mortgage companies who can get to out to Moka companies utilizing its platform. With the service provider’s consent, Moka can present business knowledge — including income, revenue, and so on — to help present knowledge to evaluate a mortgage utility. That’s necessary as a result of the method is especially difficult in Southeast Asia, the place few organized credit score checking amenities exist — it is sensible that Moka — which has constructed its business round encouraging business development and administration — uses the data it has entry to help its companions.
Tanjo stated the corporate takes an undisclosed lower of the mortgage in instances the place it has efficiently linked the 2 events. He stated that he doesn’t count on that to initially turn into a serious income stream, however over time he anticipates it can help its buyer base develop and turn into a extra necessary supply of revenue for the startup.
Sequoia India has some expertise in POS startups having backed Pine Labs in India, which recently landed a big $125 million round from PayPal and Singapore sovereign fund Temasek. Still, there are many local players throughout numerous markets in Southeast Asia, including StoreHub, which is backed by Temasek subsidiary Vertex Ventures, and Malaysia’s SoftSpace.
While these two opponents have established a presence in a number of markets in Southeast Asia, Tanjo — the Moka CEO — stated there are not any plans to enterprise abroad for no less than the following 12 months.
“We’re still scratching the service,” he stated. “So doesn’t make sense to expand too soon.”