INDONESIAN cloud-based point-of-sale (POS) system startup Moka has raised US$24 million in a Series B funding round with EDBI, the investment arm of the Economic Development Board, among the investors.
The investment round, which was led by Sequoia India, also included SoftBank Ventures Korea, EV Growth, Mandiri Capital, Convergence, and Fenox.
Moka was founded in 2014 for small and medium enterprise (SME) owners across Indonesia who still undertake manually business functions like sales and stock reconciliation. Its POS software allows merchants to take orders, issue invoices and accept payments using a smartphone, iPad or Android tablet.
Moka said it now serves 12,000 businesses in the food and beverage, retail, and beauty industries, and is close to hitting US$1 billion in annual transaction volume.
With the new capital, Moka intends to speed up product development of its POS system as it expands its services beyond servicing SMEs to enterprise clients.
Other features of the system include providing business owners a platform "to create their own loyalty programs, view profit and revenue reports, generate analytics on their best-selling items and most valuable customers, and manage inventory across multiple outlets," Moka said.
It has also partnered with other fintech companies in the past six months - like integrated e-payment services OVO, T-Cash and Akulaku - to launch both payments and business loans products on the Moka platform.
Moka has also entered the peer-to-peer lending space through Moka Capital to extend business loans to its merchants through the Moka app.
Said Haryanto Tanjo, Moka co-founder and chief executive officer: “We’ve worked hard to become the market leader in the space, and we recognise there is still a ton of work to be done to reach more businesses. With support from Sequoia India and our other investors, we are committed to serve our merchants better and provide more services that will help our merchants to grow.”