Other investors such as CapitalG, the growth fund of Google’s parent company Alphabet; NuvemShop CEO Santiago Sosa; and former Lazada CEO Max Bittner; also participated in this round.
The Jakarta and Bengaluru-based Lummo will use the capital to accelerate the business growth of MSMEs in Indonesia and the rest of Southeast Asia. “Lummo’s strategic investment on Indian talent to go up by 3x in 2022 across product, engineering, strategy, HR and finance teams,” the company said.
Founded in 2019 as BukuKas, a bookkeeping app for MSMEs, the company later expanded its business by launching TOKKO, an online direct-to-consumer commerce builder, in 2020.
In addition, Lummo’s flagship product, TOKKO, has been rebranded to LummoSHOP. LummoSHOP’s GMV grew by 11x up to 12 months ending December 2021, the release said.
“The backing we’ve secured shows the confidence investors have in our team and product to become the preferred partner to merchants and MSMEs, as well as their conviction in the region’s rapidly growing digital economy. We offer entrepreneurs and brands the opportunity to sell directly to their customers and enable them to build a strong and distinctive brand online using LummoSHOP,” said Krishnan Menon, CEO and founder of Lummo.
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D2C approach enabled by the company’s SaaS stack will help merchants and MSMEs in establishing strong relationships with their customers and help them face the intense competition in the online market today, says Krishnan.
“Digital-led economic growth, especially in Indonesia and Southeast Asia, is a key investment focus for us. We have seen Lummo’s rapid growth over the past two years and its continuous improvement and innovation to enable MSMEs to grow in online commerce,” said John Curtius, Partner at Tiger Global.
