B2B marketplace Ula secures extra US$23.1m in Series B funding
INDONESIAN business-to-business marketplace Ula has secured an additional US$23.1 million to close out its Series B funding.
Tiger Global and Flipkart co-founder, Binny Bansal, were part of this funding round, bringing the total Series B funding to US$110.1 million. Earlier in October, Ula announced an initial Series B funding of US$87 million, with investors Tencent, B-Capital and Jeff Bezo's Bezos Expeditions joining the round.
Ula will use the funds for geographic, product and team expansion, focusing its efforts on retailers in tier 2 to tier 4 cities. The marketplace will be expanding its buy now, pay later offering to its customers as well as incorporating technology like artificial intelligence to help retailers improve their business management.
Including the US$10.5 million seed round in June 2020 and US$20 million Series A round in January 2021, Ula has raised a total of US$140.6 million so far.
"The additional funding in our Series B round demonstrates continued investor interest and firm belief in Ula's vision and mission. We are grateful and excited for the opportunity to build a platform that not only empowers traditional retailers, but one that reimagines the traditional retail industry. As we move forward, we will continue to take a customer-first approach to address underlying problems with technology," said Nipun Mehra, chief executive officer and co-founder, Ula.
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