Alphabet Unit Backs Shopify-Like Startup in Rare Indonesia Deal

Alphabet Unit Backs Shopify-Like Startup in Rare Indonesia Deal

Bloomberg

Indonesian software startup Lummo, formerly known as BukuKas, raised $80 million in a round led by Tiger Global and Sequoia Capital India to expand its business that helps small merchants get online.

Google parent Alphabet Inc.’s investing arm CapitalG took part in the Series C round in a rare Indonesia deal for the unit. Other investors include London-based Hedosophia and the founder of Lazada, Maximilian Bittner, executives of the Jakarta-based startup said in a video interview. Hedosophia was among investors in a $50 million round in May last year.

Demand for Lummo’s service — similar to that of Shopify Inc. — is rising as small businesses digitize to cater to the millions of shoppers that were driven online after the pandemic closed malls and retail outlets. Southeast Asia added 60 million new digital consumers since the start of the pandemic, research from Google, Temasek and Bain & Co. shows.