Indonesian B2B ecommerce firm nets $23m more from Tiger Global, Flipkart co-founder

Ula, an Indonesian business-to-business ecommerce marketplace, has raised an additional US$23.1 million in its latest round of funding.

More funding details

• Investors: Tiger Global and Binny Bansal, co-founder of Flipkart
• Stage: Series B

More company updates

• The fresh funds come after Ula raised a US$87 million in a series B round in October co-led by Tencent, Prosus Ventures, and B Capital. The B2B startup has raised US$110 million in total for its series B round so far.
• The company said it will invest in geographic, product, and team expansion, with a focus on supporting underserved retailer communities in Tier 2 to Tier 4 cities via tech.
• Ula will also expand its buy now, pay later offering to help small-business owners incorporate AI into their operations for improved business management.
• The company said it has grown 230x since its launch in January 2020, and it currently offers over 6,000 products and serves more than 70,000 traditional retail stores on its platform.
• Ula’s previous fundraise includes a US$10.5 million seed round in June 2020 and a US$20 million series A round in January 2021. This takes the company’s total funding to date to US$140.6 million.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.