Jakarta-based wholesale e-commerce marketplace Ula has raised $20 million in a Series A round led by existing investor Quona Capital and B Capital Group. Existing investors Sequoia Capital and Lightspeed also participated in the fundraising.
Despite the pandemic, Ula, founded in January 2020, reached more than 20,000 stores across Indonesia. It plans to utilise the fresh capital to reach smaller retailers and further expand in Indonesia.
