Indonesia: Ula, an Indonesia based micro-retail e-commerce platform, announced today it has raised a US$20 million Series A funding round, co-led by Quona Capital and B Capital Group.
As per a press note, the fresh investment allows Ula to grow its geographical footprint, expand its suite of products and services and move into new retail categories.
Since launching in January 2020 with teams in Indonesia, India, and Singapore, Ula provides micro retailers with the necessary tools and technologies that assist in digitalizing their supply chain, inventory, and working capital management. It claims to have grown to serve over 20,000 stores, primarily in East Java.
“Small stores are deeply integrated into the economic and cultural fabric of Indonesia. They are micro-entrepreneurs with highly cost-efficient operations compared to their modern retail counterparts,” said Nipun Mehra, Co-founder, and CEO of Ula.
“However, their small scale, limited upstream product availability, high prices, poor service, and limited working capital makes them the most vulnerable segment of the retail value chain. These problems aren’t restricted to one category — FMCG and other consumables, apparel, electronics, etc. all encounter common problems,” he added.
In many emerging markets, traditional in-store retail accounts for nearly 80 percent of the total retail market. Within Indonesia, the market size is estimated to be upwards of US$200 billion, growing at over US$15 billion annually.
Ula is currently setting up tech teams in Indonesia, India, and Singapore and also hiring across key roles in category management, analytics, credit as well as city P&L leaders in Indonesia.