Indonesian B2B marketplace Ula raises another $23m in Series B funding

A warung owner in Malang. Photo: Ula

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.