Moka, a Jakarta, Indonesia-based startup that provides a cloud-based point-of-sale (POS) and business management system for SMEs and retailers, raised $24m in Series B funding.
The round was led by Sequoia India and Southeast Asia, with participation from new investors SoftBank Ventures Korea, EDBI, East Ventures and existing investors Mandiri Capital, Convergence and Fenox Venture Capital.
The company intends to use the funds speed up product development and expand its reach beyond SMEs to serve enterprise clients.
Led by CEO Haryanto Tanjo and CTO Grady Laksmono, Moka provides SMEs and retailers with a complete suite to start, handle and expand their business through a mobile POS. In details, the platform features tools for any merchant to take orders, issue invoices and accept payments using a smartphone or a tablet. In addition, users can also get access to sales reports, inventory management and table management tools, as well as features to create their own loyalty programs.
Moka says it now serves approx. 12,500 companies in the food & beverage, apparel, and beauty sectors, among others.
The company has also signed partnerships to integrate e-payment services OVO, T-Cash and Akulaku, and other e-wallets to accept a wider range of mobile payments through its app and launched a lending initiative, called Moka Capital, to offer the opportunity to get business loans to its merchants through the app.