Moka Raised US$24 Million Series B from EV Growth
13 September 2018
Jakarta, September 13th, 2018 – Moka, a fast-growing Indonesian cloud-based point-of-sale (POS) system, has raised USD 24 million Series B round led by Sequoia India. The round included new investors SoftBank Ventures Korea, Singapore-based EDBI, EV Growth, as well as existing investors Mandiri Capital, Convergence, and Fenox. The new capital will give the company fresh ammunition to speed up product development as it expands its services beyond SMEs to enterprise clients.
Moka provides retailers with powerful tools to start, run, and grow their business through its mobile POS, which can be downloaded onto any smart device. At the storefront, Moka provides a point-of-sale software that allows merchants to take orders, issue invoices and accept payments using a smartphone, iPad or Android tablet. Business owners can use Moka 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 was founded in 2014 by Haryanto Tanjo and Grady Laksmono to help the legion of SME owners across Indonesia who still run their companies manually and spend hours every day doing administrative work, such as sales and stock reconciliation. As the company expanded its offerings over the last 12 months, it has also found traction among larger retail and F&B chains which value Moka’s sleek interface, built-in integration with e-payment platform, and the fact there is minimal capital expenditure required to use the system. Moka now serves 12,000 businesses in the food & beverage, retail, and beauty categories, and is close to hitting $1 billion in annual transaction volume.
“This new investment round marks a vote of confidence in Moka’s innovative product and model”, says CEO & Co-Founder Moka, Haryanto Tanjo. “We’ve worked hard to become the market leader in the space, and we recognize 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.”
To provide a truly end-to-end solution for merchants, Moka has partnered with other innovative fintech companies to launch both payments and business loans products on the Moka platform. Over the last six months, Moka has integrated e-payment services OVO, T-Cash, and Akulaku, and has signed partnerships with other e-wallets such as DANA and Kredivo. These partnerships enable merchants to accept a wide range of mobile payments using the Moka application. Moka has also launched Moka Capital to extend business loans to its merchants through the app. For this, Moka is partnering with Koinworks, Taralite, and Modalku as its P2P lending partners.
“Moka’s software platform is helping Indonesian retailers digitize their operations, and enable payment acceptance across cash, cards and digital payment options like wallets and virtual credit lines. Sequoia India was inspired by Moka’s vision to create a multi-faceted software platform for business operations and payments, and are very excited to work with a stellar founding team to help achieve that vision,” said Shailendra Singh, Managing Director at Sequoia Capital (India) Singapore.
“Beyond a leader in mobile POS, Moka has a great potential to become an offline-to-online gateway for various mobile payments, app, and software solution. We believe that the investment will help Moka strengthen its leadership in mobile POS and accelerate its expansion to adjacent businesses,” said Sean Lee, Managing Director at SoftBank Ventures Korea.
“We have grown beyond a mobile point-of-sale to become an operating platform for businesses. From a loyalty program and inventory system to payment acceptance and business loan. We are one step closer in providing an end-to-end business ecosystem for merchants,” explained CTO and Co-Founder Grady Laksmono.
Moka was founded in 2014 by Haryanto Tanjo and Grady Laksmono. Haryanto was pursuing his MBA at UCLA Anderson while Grady was working as a software engineer at Zynga when they met. Sharing the same ambition to help SMEs in Indonesia, they returned to their home country to start Moka. Trusted as the operating system of 12,000 stores, Moka provides businesses of every size with powerful tools to run and grow their business. At the storefront, Moka provides a point-of-sale application and an integrated digital payment solution that can be downloaded on Android and iPad. With its loyalty feature, businesses can reward their customers with points to keep them coming back. On the back-end, Moka creates sales and gross profit reports across multiple outlets, tracks inventory, receives feedback from customers, and provides analytics like what items are selling best, what items are running out, when are the stores’ busiest hours, and more. The best thing is that business owners can access this data anytime and anywhere, so they always have the business at their fingertips.