Ula, an Indonesian B2B e-commerce site, has raised an additional $23.1 million in funding from Tiger Global and Flipkart co-founder Binny Bansal, bringing the total amount raised to $110 million.
This new round of funding follows a US $87 million financings led by Prosus Ventures, Tencent, and B-Capital in October. Bezos Expeditions, Northstar Group, AC Ventures, and Citius were among the investors.
Ula has already raised US $140.6 million in total fundraising since its launch.
Ula will use the Series B funding to expand its geographic, product, and team reach, with a special focus on aiding underrepresented store communities in tier 2-4 cities through technology.
This involves developing a buy-now-pay-later (BNPL) option, enabling small company owners to sell locally, and leveraging modern technologies like artificial intelligence to assist shops in better business management.
Nipun Mehra, Alan Wong, Derry Sakti, and Riky Tenggara — a team of seasoned e-commerce and FMCG executives from Indonesia, India, and the United States with decades of experience spanning Amazon, Flipkart, Lazada, P&G, and Booking.com — created Ula in January 2020.
It’s a multi-category horizontal wholesale e-commerce marketplace that blends contemporary retail’s technology, tools, and talents with traditional micro-lean retail’s cost structure. According to Ula, this provides small business owners with the finest assortment, pricing, and working capital, allowing them to boost their overall revenue.
Since its inception, the firm claims to have expanded 230 times, with over 6,000 goods and over 70,000 traditional retail establishments using its platform.
Ula previously secured a seed round of $10.5 million in June 2020 and a $20 million Series A investment in January 2021.
