Jakarta-based Lummo
Amazon founder Jeff Bezos has invested in Lummo, a direct-to-consumer (D2C) Software-as-a-Service (SaaS) startup, through his venture capital firm Bezos Expedition. Bezos took part in Lummo’s Series C round of funding. Lummo closed the round in January, raising a total of $80 million from new investors Tiger Global Management and existing backer Sequoia Capital India.
Earlier, Lummo was known as BukuKas and it is based in Jakarta and Bengaluru. The fresh capital will help the firm to strengthen its talent base in India. In India, the firm plans to more than triple its technology and product workforce. It also plans to triple its investment in Indian talent across product, human resources, engineering, strategy, and finance.
“We are honored to have Jeff Bezos’ support in this Series C investment round as we prime our business for exponential growth over the coming months and years. The investment will strengthen Lummo’s efforts to further build on our direct-to-consumer product offerings and deliver greater value to entrepreneurs and businesses in Indonesia. We hope to accelerate their business growth and maximize operational efficiency using our SaaS model,” Krishnan Menon, CEO, and founder of Lummo said.
“We currently have a team of around 100 in India and will look to take it to around 300 by the end of FY24,” Menon was quoted as saying by the Economic Times.
This is Bezos’s second investment in the Indonesian startup ecosystem. “Backing of this scale underlines our belief that Indonesia and Southeast Asia are emerging as the next great destinations for tech investment,” Menon said.
LummoShop
Lummo offers a bookkeeping app that helps small and medium businesses get online similar to that of Shopify. The company expanded in 2020 by announcing Tokko, an online direct-to-consumer commerce builder. Tokko has since been rebranded as LummoShop.
Lummo’s flagship offering LummoShop, provides analytics and retargeting capabilities to entrepreneurs as well as brands. This will help to accelerate repeat orders using their customers’ records and purchase history. Some of the special features of the company include, Chat commerce, custom domains & websites, collection integration, multi-platform management, and personalized branding features.
