Indonesian B2B marketplace Ula raises $20m Series A led by Quona, B Capital

Left to right: Ula’s founders Riky Tenggara (co-founder and COO), Derry Sakti (co-founder and CCO), Nipun Mehra (co-founder and CEO), Alan Wong (co-founder and CTO)

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.

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