Indonesian B2B start-up Ula made further job cuts in October and pulled out of its FMCG distribution business, citing the need for more economic sustainability. This is despite revenues of US$121 million for 2022, six times its previous year’s figures. India’s Udaan also laid off between 100 and 120 employees in December. These point to a gloomy outlook for B2B ecommerce in both India and Indonesia.