Indonesia's Ula extends Series B to $110m

An initial $87 million in Series B funding came in October, with Prosus Ventures, Tencent Holdings, and B Capital Group taking the lead. They were joined by Jeff Bezos’s Bezos Expeditions, Northstar Group, AC Ventures, and Citius. Total funding since inception comes to $140.6 million, including $20 million Series A last January.

Ula describes itself as a horizontal multi-category wholesale e-commerce marketplace that combines the technology and skills of modern retail with the lean cost structure of traditional micro-retail. The idea is to bring the best in product selection, prices, and working capital to small store owners to increase their overall income.

The company claims to have grown 230x since its launch in January 2020 and currently offers around 6,000 products. There are more than 70,000 traditional retail stores on its platform.

The Series B capital will be invested in geographic, product, and team expansion, with a special focus on supporting underserved retailer communities through technology in lower-tier cities.

Plans include expanding a buy now pay later offering, empowering small business owners to sell within their communities, and incorporating advanced technology such as artificial intelligence to support retailers with business management.

“As we move forward, we will continue to take a customer-first approach to address underlying problems with technology,” Nipun Mehra, CEO and co-founder of Ula, said in a statement.

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• Topics
• Southeast Asia
• Support services
• Consumer
• Technology
• Early-stage
• Indonesia
• e-commerce
• Financial Services
• Tiger Global Management