According to an announcement, Ula, a Jakarta-based B2B marketplace, raised $87 million in a Series B round led by Prosus Ventures, Tencent, and B-Capital.
The big news is that Amazon founder Jeff Bezos’ Bezos Expeditions participated in the round alongside leading Southeast Asian funds Northstar Group, AC Ventures, and Citius.
Jeff Bezos has agreed to invest in Ula through his family office, Bezos Expeditions, people said,
Existing investors Lightspeed India, Sequoia Capital India, Quona Capital, and Alter Global contributed to the round to support the company’s expansion plans.The startup was founded in January 2020 with the goal of addressing inventory, supply chain, and working capital challenges faced by small businesses in Indonesia.
Ula has been in the market since the beginning of this year in order to fund its expansion throughout the archipelago. Ula, which began serving customers in the East Java region, has now expanded its services to the entire Java island, according to social media posts.
“We launched in 2020, with a single-minded mission to empower small, neighbourhood retailers with technology to increase their income. 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,” says Nipun Mehra, CEO and co-founder at Ula. “Ula’s new investors come with global expertise and share this long-term mindset of the company.”
Indonesia’s B2B e-commerce space has attracted larger companies such as the newly listed Bukalapak, Tokopedia, Gojek, and Grab. The company also competes with Warung Pintar, an East Ventures-backed firm that acquired supply chain platform Bizzy Digital earlier this year.