-80%

est. 2Y upside i

FinTechSeries A

Accounting, Payments & Credit app for 60M micro-businesses in…

Rank

#4143

Sector

Fintech

Est. Liquidity

~6Y

Data Quality

Data: Medium

The central fact is that BukuWarung no longer exists as an independent equity story — it was acquired by Mekari in July 2023, making any 'BukuWarung equity' grant a subordinate claim in a private subsidiary's cap table.

Last updated: May 14, 2026

Bull (7%)-25%

Mekari integrates BukuWarung successfully, pushes revenue beyond $10M by 2028, and pursues a strategic exit or parent-level IPO that partially rewards common shareholders. Even in this optimistic outcome, the 2021 reference valuation of $250M likely represents a ceiling, leaving equity holders down roughly 25% after preference erosion.

Base (33%)-72%

BukuWarung persists as a mid-tier Mekari subsidiary, growing modestly from its $1.7M 2023 revenue base, with no independent liquidity event in the 2-year window. The implied Mekari acquisition price was almost certainly well below $250M, leaving common stock deeply underwater relative to the reference valuation.

Bear (60%)-90%

The July 2023 Mekari acquisition was a distressed transaction at a sharp discount to the $250M 2021 valuation; with $80M in preferred liquidation preferences ahead of common, employee equity is effectively wiped out. Persistent losses, a $1.7M revenue base implying a 147x revenue multiple, and a 35%+ workforce reduction confirm the company never reached standalone escape velocity.

Est. time to liquidity~6.0 years

Preference Stack Risk

severe

Funding Intensity

32%

$80M in total liquidation preferences sits ahead of common stock on a $250M reference valuation (32% ratio), meaning any liquidity event below ~$80M returns nothing to common shareholders.

Dilution Risk

high

As a Mekari subsidiary, future capital raises at the parent level dilute BukuWarung common holders with no cap table transparency or anti-dilution protections at the subsidiary level.

Secondary Liquidity

none

BukuWarung is a private subsidiary of a private company; no secondary market exists, and any sale of shares would require Mekari parent approval.

View all 5 open roles at BukuWarung →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on BukuWarung's data — designed to show you've done your homework.

  • 1

    “What were the exact terms of the Mekari acquisition — cash, share swap, or earnout — and how does that structure affect existing and future employee equity grants?”

  • 2

    “With only $1.7M in revenue against an $80M preference stack, what specific revenue and valuation milestones would put common stock in the money, and over what timeline does Mekari plan to pursue liquidity?”

  • 3

    “Are new hire grants denominated in BukuWarung subsidiary equity or Mekari parent equity, and is there any mechanism for subsidiary-to-parent conversion or a planned Mekari IPO?”

Community

Valuation Sentiment

Our model estimates -80% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.