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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 Co-founders [Image - ula.app]
Jakarta, Indonesia headquartered Ula, which aims to help small retailers solve inefficiencies that they face in supply chain, inventory and working capital, has raised $20 million in a Series A financing round led by existing investor Quona Capital and B Capital Group.
Other existing investors including Sequoia Capital India and Lightspeed also participated in the round.
Ula was, founded last year in January, by a former executive of Flipkart in India, Nipun Mehra, along with Alan Wong (former Amazon executive), Derry Sakti (formerly with FMCG giant P&G in Indonesia), and Riky Tenggara (formerly with Lazada and aCommerce).
Indonesian Marketplace App Ula Raises $20 Mn In Series A Round Led By Quona Capital And B Capital Group The company plans to transform Indonesia s $250 billion retail industry
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Indonesia-based e-commerce startup Ula, which plans to transform traditional retail and empowering small retailers through technology, announced on Thursday to have raised $20 million in a Series A funding round led by Quona Capital and B Capital Group.
Quona Capital was also a key participant in Ula’s seed round. Existing investors Lightspeed India and Sequoia Capital India also participated in the Series A round.