Ula Secures an Additional $23.1 Million In Series B Funding
With a total Series B funding of $110 million, Ula will continue to invest in product and team expansion
Ula, a B2B e-commerce marketplace in Indonesia, has secured an additional $23.1 million funding from Tiger Global. Binny Bansal, co-founder of Flipkart, also participated in the round.
The fresh fund infusion follows the previous $87 million announced in October in a round co-led by Prosus Ventures, Tencent and B-Capital, who were joined by Jeff Bezos’s Bezos Expeditions, Northstar Group, AC Ventures and Citius. With a total Series B funding of $110 million, Ula will continue to invest in geographic, product and team expansion, with a special focus on supporting underserved retailer communities through technology in tier II to IV cities. This includes expanding a buy-now-pay-later (BNPL) offering, empowering small business owners to sell within their communities and incorporating advanced technology such as artificial intelligence (AI) to support retailers in improving business management.
“The additional funding in our Series B round demonstrates continued investor interest and firm belief in Ula’s vision and mission. We are grateful and excited for the opportunity to build a platform that not only empowers traditional retailers, but one that reimagines the traditional retail industry,” said Nipun Mehra, CEO and co-founder of Ula, in a statement.
Ula has grown 230 times since its launch in January 2020, currently offering over 6,000 products and serving more than 70,000 traditional retail stores on its platform. With teams spread across three countries, Ula is one of the fastest growing startups of its kind in the region, claimed the statement.