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E-marketplace Ula raises $87m from Tencent, Jeff Bezos
The B2B e-marketplace's investors include Bezos Expeditions, a venture capital firm owned by Amazon founder Jeff Bezos.
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Wholesale marketplace Ula's cofounders Riky Tenggara (left), Derry Sakti (center), Alan Wong (right). (Courtesy of Ula/-)
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usiness-to-business (B2B) e-marketplace Ula bagged US$87 million in its series-B funding round led by Prosus Ventures, Tencent and B-Capital, with participation from Bezos Expeditions, a venture capital firm owned by Amazon founder Jeff Bezos, among others.
Ula was Bezos Expeditions’ first portfolio in the Southeast Asian online marketplace segment. The venture capital firm has invested in high profile companies such as Airbnb, Twitter and Uber.
Ula cofounder and chief operating officer Riky Tenggara said the company would use the funds to develop new features, including a buy-now-pay-later (BNPL) system, and to expand its logistics infrastructure and supply chains into small Indonesian cities. The company believes the domestic BNPL market is worth $150 billion.
“Solving complex value chain problems in Indonesia is very challenging and impactful,” he said in a press release on Monday. “Our team will try our best to give benefits to millions of warung [kiosks] in Indonesia, especially those outside of the metropolitan areas.”
Riky, along with former P&G employee Derry Sakti and ex-Amazon engineer Alan Wong, founded Ula last year. The B2B marketplace completed its $20 million series-A funding in January and its $10.5 million seed round in June 2020.
Read also: Wholesale marketplace Ula secures $10m in seed funding
The company said it focused on catering to Indonesian warungs, which often struggled with poor capital access, small profit margins and limited product offerings.
