Ula, a B2B ecommerce marketplace in Indonesia, raised US$87m in Series B funding.
The round was co-led by Prosus Ventures, Tencent and B-Capital, which are joined by Amazon founder Jeff Bezos’s Bezos Expeditions, Northstar group, AC Ventures, Citius, as well as existing investors Lightspeed India, Sequoia Capital India, Quona Capital and Alter Global.
The company, which also brought in Pandu Sjahrir, a seasoned investor and entrepreneur, as an advisor to Ula, intends to use the funds to continue to expand operations and its business reach across Indonesia exploring international expansion across SEA, adding new categories, expanding the Buy-Now-Pay-Later (BNPL) offering, as well as building new technology and a local supply chain and logistics infrastructure.
Led by Nipun Mehra, CEO and Co-Founder, and and Alan Wong, Co-Founder and Chief Technology Officer, Ula is a horizontal multi-category wholesale e-commerce marketplace that combines the technology, tools and skills of modern retail with the lean cost structure of traditional micro-retail – bringing the best in selection, prices and working capital to small store owners to increase their overall income. Launched in January 2020, Ula currently partners with over 70,000 store owners in Indonesia.
In just twenty months since launch, Ula has grown currently offering over 6,000 products and serving more than 70,000 traditional retail stores on its platform.
Ula’s previous funding includes a US$10.5 million seed round in June 2020 and an additional US$20 million Series A round in January 2021.