SaaS startup Lummo raises $80 million funding from Amazon founder Jeff Bezos

The fresh capital infusion comes a month after it
raised $80 million in its Series-C round of funding led by Tiger Global and Sequoia Capital India.

The fundraise will help the company expand its talent base in India where it is looking to more than triple its tech and product workforce, a senior company official said. The company’s investment in Indian talent will go up three times in 2022 across product, engineering, strategy, HR and finance teams.

“We currently have a team of around 100 in India and will look to take it to around 300 by the end of FY 24,” said Krishnan Menon, founder and CEO, Lummo in an exclusive chat.

This is Bezos’ 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 investmen,” Menon said.

The company is looking to expand to other Southeast Asian markets to tap into the growing opportunity in the region, Menon added.

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Founded in 2019 as BukuKas, a bookkeeping app for MSMEs, the company expanded its business by launching Tokko, an online direct-to-consumer commerce builder, in 2020. It has since rebranded Tokko as LummoShop.

In the last quarter, the company witnessed its GMV double and its revenues grow by 40%, Menon added.

According to the company, Southeast Asia’s internet sector continues to develop rapidly, with Indonesia as the leading market.

“We find that Indonesian entrepreneurs are ambitious and growth-oriented, focusing on building their own local brands,” said Menon.