Jakarta-based B2B marketplace Ula on Tuesday announced it has raised an additional $23.1 million in Series B funding from Tiger Global and Flipkart co-founder Binny Bansal.
The company had in October raised $87 million in the round co-led by Prosus Ventures, Tencent and B Capital. Jeff Bezos’s Bezos Expeditions, Northstar Group, AC Ventures, and Citius had also participated in the round.
The latest capital infusion brings Ula’s Series B total to $110 million. DealStreetAsia had in August reported the startup’s discussions with Prosus Ventures and Tencent to raise up to $100 million in funding.
In its statement on Tuesday, Ula said it will expand its buy now, pay later (BNPL) offering and utilise artificial intelligence to serve its SME customers better. The company also plans to expand its geographical reach and hire more team members.
“The additional funding in our Series B round demonstrates continued investor interest and firm belief in Ula’s vision and mission,” Ula CEO and co-founder Nipun Mehra said in the statement.
Founded by Mehra, Alan Wong, Derry Sakti, and Riky Tenggara, the company connects wholesalers and distributors with small retailers. In a conversation with DealStreetAsia last month, Mehra said Ula offers services to ensure product availability, timely delivery, efficient inventory and flexible payment choices, helping small retailers—also known as warungs—capture more demand in their area and make more money.
Ula currently offers more than 6,000 products and serves more than 70,000 traditional retail stores on its platform.
The company has raised a total of $140.6 million to date, starting from a $10.5 million seed round in June last year and a $20 million Series A round in January 2021.
Despite pandemic-induced mobility restrictions that have affected retail operations in the country, the B2B segment still managed to attract at least $360 million this year from global investors including Softbank Ventures Asia, Asia Partners, and Falcon Edge.
Ula’s competitors in the B2B space include GudangAda, which raised $100 million in a Series B round in July, and Warung Pintar, which is seeking to raise a Series C round.