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A technology startup for traditional retail digitization, Ula comes up with $20 million (over 282 billion Rupiah) Series A funding led by Quona Capital and B Capital Group. Participated also Sequoia Capital India and Lightspeed India as the previous investors.
The company aims to expand its team and location through this funding, therefore, more small retailers can be digitized through Ula technology. In addition, Ula will expand the product category to fashion and electronics, and reaching out to retailers selling FMCG and vegetable products.
Ula raises $20 million to expand its e-commerce marketplace in Indonesia
Tokopedia, Lazada, Shopee, and other firms created an e-commerce market in Indonesia in the past decade, making it possible for consumers to shop online in the island nation. But as is true in other Asian markets, most small retailers and mom-and-pop stores in the Southeast Asian country still face a myriad of challenges in sourcing inventory and working capital, and continue to rely on an age-old supply chain network.
Nipun Mehra (a former executive of Flipkart in India), Alan Wong (who previously worked with Amazon), Derry Sakti (who oversaw consumer goods giant P&G’s operations in Indonesia), and Riky Tenggara (former Lazada and aCommerce), began to explore opportunities to address this in 2019.
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The Bengaluru-based firm, founded in 2016, is now valued at more than $3 billion.
Indian business-to-business (B2B) e-commerce startup Udaan has raised $280 million, it said Wednesday, as it seeks to serve more mom-and-pop businesses that are buying products online in the wake of the Covid-19 pandemic.
Udaan said existing investors including Chinese tech giant Tencent, Lightspeed Venture Partners, DST Global, GGV Capital and Altimeter Capital participated in the fundraising, along with new investors Octahedron Capital and Moonstone Capital.
The Bengaluru-based firm, founded in 2016, is now valued at more than $3 billion, a person familiar with the matter said.
A representative for Udaan declined to comment on its valuation.