Indonesian B2B e-commerce marketplace Ula has raised US$87 million in a Series B funding round co-led by Prosus Ventures, Tencent and B-Capital.
The trio are joined by Amazon founder Jeff Bezos’ Bezos Expeditions, and Southeast Asian funds Northstar group, AC Ventures and Citius.
Existing investors Lightspeed India, Sequoia Capital India, Quona Capital and Alter Global also participated in the round.
The latest fundraise will be used to grow Ula’s presence across Indonesia and explore international expansion across Southeast Asia.
Ula is also looking to add new categories, expand its Buy-Now-Pay-Later (BNPL) offering, as well as build new technology and a local supply chain and logistics infrastructure.
The company has also brought in Pandu Sjahrir, a seasoned investor and entrepreneur, as an advisor to Ula.
Ula said that it is currently offering over 6,000 products serving more than 70,000 traditional retail stores on its platform and has teams spread across 3 countries.
The firm’s previous funding includes a US$10.5 million seed round in June 2020 and an additional US$20 million Series A round in January 2021.
“We take a long-term approach to solve the underlying problems of traditional retailers by investing in technology, supply chain and data-enabled credit offering. Ula’s new investors come with global expertise and share this long-term mindset of the company. We are grateful to them for believing in Ula’s mission and hope to learn from their experience re-imagining retail in other emerging markets.”
said Nipun Mehra, CEO and Co-Founder at Ula.
