Indonesian end-to-end retail operations platform MOKA announced that it has raised US$24 million in Series B funding round led by Sequoia Capital India.
SoftBank Korea, EDBI, EV Growth, as well as existing investors Mandiri Capital, Convergence Ventures, and Fenox VC, also participated in the funding round.
In a press statement, MOKA said that the funding will be used to accelerate product development.
The startup has also launched small business financing programme MOKA Capital, the result of its collaboration with peer-to-peer (P2P) lending startups KoinWorks, Taralite, and Modalku.
Founded in 2014 by Haryanto Tanjo dan Grady Laksmono, MOKA started out by offering cloud-based point-of-sale (POS) service for small businesses.
Its platform enables various forms of cashless payments for small businesses through the integration of its service with platforms such as OVO, TCASH, and AkuLaku.
It has also secured partnerships with Dana and Kredivo, and enables credit and debit card transactions for its clients.
The Jakarta-based startup claimed to have more than 12,000 clients in the F&B, service, and retail sector. It has also processed more than 100 million transactions with more than US$1 million in transaction volume in a year.
“MOKA has grown beyond its role as a POS service provider to become an operational platform that enables greater ease in doing business. Features development such as loyalty programme and inventory system, and even cashless payments and lending services, have brought MOKA closer to [its goal of] building an end-to-end ecosystem for business players,” said MOKA CTO and Co-Founder Grady Laksmono.
Prior to this funding round, the startup has raised a US$1.9 million Series A funding round led by East Ventures, followed by another US$2 million of funding.