Wednesday, 2024 February 21

Indonesia’s Ula snags additional USD 23.1 million in extended Series B round

Indonesia’s B2B e-commerce startup Ula has snagged an additional USD 23.1 million in funding from Tiger Global as part of its extended Series B round. Flipkart’s co-founder Binny Bansal also participated in this funding round.

The recent cash injection round brings Ula’s total Series B investment to USD 110 million. Ula has raised USD 140.6 million to date.

The fresh investment comes only a month after Ula raised USD 87 million in the first close of its Series B round. The investment was co-led by Prosus Ventures, Tencent, and B-Capital. Bezos Expeditions, an investment firm owned by Amazon founder Jeff Bezos, also participated in the round, marking the first time Bezos Expeditions has written a check for a Southeast Asian company.

Founded in 2020, Ula operates a wholesale e-commerce marketplace for small and micro retailers, especially in Indonesia’s tier-2 and tier-3 cities, where internet penetration is relatively low, and logistics infrastructure is more challenging than in metro areas. Ula currently serves over 70,000 traditional kiosks with over 6,000 products. The company claims to have grown 23 times since its establishment.

Ula will utilize the funding to expand its geographic coverage, recruit more team members, and enhance product capabilities, including expanding its “buy now, pay later” offerings.

“The additional funding in our Series B round demonstrates continued investor interest and firm belief in Ula’s vision and mission. As we move forward, we will continue to take a customer-first approach to address underlying problems with technology,” Nipun Mehra, Ula co-founder and CEO, said in a statement.

Khamila Mulia
Khamila Mulia
Khamila Mulia is a seasoned tech journalist of KrASIA based in Indonesia, covering the vibrant innovation ecosystem in Southeast Asia.

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