Bezos-Backed E-Commerce Firm Ula Bags US$23.1 Million in Series B Extension

Indonesian B2B e-commerce marketplace Ula announced that it has secured an additional US$23.1 million funding in an extension of its Series B funding round from American investment firm Tiger Global.

Binny Bansal, co-founder of Flipkart also participated to complete Ula’s funding round.

The fresh fund infusion follows the US$87 million previously announced in October in a round co-led by Prosus Ventures, Tencent and B-Capital, who were joined by Jeff Bezos’ Bezos Expeditions, Northstar group, AC Ventures and Citius.

With a total Series B funding of US$110 million, Ula said that it will continue to invest in geographic, product and team expansion, with a special focus on supporting underserved retailer communities.

This includes expanding a Buy Now, Pay Later (BNPL) offering and incorporating artificial intelligence (AI) to support retailers in improving business management.

Ula added that it has grown 230x since its launch in January 2020, currently offering over 6,000 products and serving more than 70,000 traditional retail stores on its platform.

The closing of this Series B round brings the overall funding since Ula’s inception to US$140.6 million in just under two years since launch.

Nipun Mehra

“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,”

said Nipun Mehra, CEO and Co-Founder at Ula.

Source: https://fintechnews.sg/57394/e-commerce/bezos-backed-e-commerce-firm-ula-bags-us23-1-million-in-series-b-extension/