Indonesia-based Ula has laid off 134 employees or about 23% of its workforce. The B2B ecommerce marketplace cited market turbulence, commodity price volatility, supply shortages, regulatory changes, and rising crude oil prices as its reasons for the move.
Photo credit: Ula
In a statement, the firm said that it tried to reduce costs and made changes to its supply chain, sales processes, travel policies, and server tech. However, these efforts were not enough to address the company’s challenges.
In the future, Ula will be “streamlining” its product categories and customer base. “We will need to build new monetization capabilities and new higher-margin businesses,” the company said.
Affected staff will receive severance packages as well as healthcare, job, and immigration support.
See also: Behind Ula’s entry into social commerce
Launched in 2020, Ula serves neighborhood mom and pop shops (locally known as warungs) by offering them a full catalog of physical goods through an ecommerce application and a doorstep service.
The company was established by Nipun Mehra, Alan Wong, Derry Sakti, and Riky Tenggara. Last year, it raised US$110 million in a series B funding round from Tiger Global, Tencent, and Bezos Expeditions, among other investors.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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