Indonesia based point-of-sale payments startup has raised a $24m Series B led by Sequoia's India and Southeast Asia fund.
Moka was started four years ago primarily as a point-of-sale (POS) terminal with some basic business functionality. Today, it claims to work with 12,500 retailers in Indonesia and its services include sales reports, inventory management, table management, loyalty programs, and more. Its primary areas of focus are retailers in the F&B, apparel and services industries. It charges upwards of IDR 249,000 ($17) per month for its basic service and claims to be close to $1 billion in annual transaction volume from its retail partners. That’s the company’s core offering, a mobile app that turns any Android or iOS device into a point-of-sale terminal, but CEO and co-founder Haryanto Tanjo — who started the firm with CTO Grady Laksmono — said it harbors larger goals.