Ula, a wholesale e-commerce marketplace app with operations in Java, Indonesia, announced today it has secured US$10.5 million in a seed round of funding, co-led by Sequoia India and Lightspeed India.
OSMDV, Quona Capital, Saison Capital and Alter Global also joined the round, along with other undisclosed angels investors.
The startup said in a press note that the fresh money will be used for expansion outside of Java Island. Ula also plans to add new categories, such as apparel and electronics in the future.
It will also hire tech teams across Singapore, India and Indonesia to increase its current workforce.
Launched in January this year by Nipul Mehra (ex-investor at Sequoia India and ex-Senior Director – Retail, at Flipkart, Ula helps small store owners increase their income via its multi-category wholesale e-commerce platform. The app gives them benefits such as a wide products list, prices, doorstep delivery, and pay-later options.
“70-80 per cent of the retailers in emerging markets like Indonesia is plagued by inefficiencies in the supply chain, inventory and working capital management,” said Abheek Anand, Managing Director of Sequoia Capital (India).
“With more and more Indonesian small and medium enterprises (SMEs) becoming open to adopting technology, platforms like Ula are an easy, affordable and scalable solution to help these retailers streamline their businesses,” he added.
Ula’s current focus is daily needs and consumer goods (such as FMCG and staples), which the company believes are especially important during these times where the traditional supply of essentials may be impaired.
Ula claims to have grown 10x since its launch, with customers returning to buy up to 2-3 times of their original volumes.
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“For us, the true measure of Ula’s success will be in how much we can improve our customer’s lives and businesses. Our collective vision is to revolutionise SME trade using technology, helping increase their efficiency and providing them with tools to conduct their business seamlessly and more profitably,” said Riky Tenggara, Co-founder of Ula.
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Image Credit: Anton Luzhkovsky
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