Ula Announces Additional 328 Billion Rupiah Series B Funding
The total funds obtained by Ula since its establishment reached $140 million or the equivalent of more than 1,99 trillion Rupiah
Ula announced the acquisition of additional funds of $23,1 million (over 328 billion Rupiah) for series B . round which was just announced a month ago. This follow-up investment was led by Tiger Global and Flipkart Co-founder Binny Bansal, bringing the series B total to $110 million.
Previously, they had announced a series B funding of $87 billion led by Prosus Ventures, Tencent, and B Capital. This round was also followed by the participation of Bezos Expeditions, VC created by Amazon founder Jeff Bezos; along with other leading investors, namely Northstar Group, AC Ventures, and Citius.
This additional fund, when accumulated since the company's inception, has raised $140 million (more than 1,99 trillion Rupiah).
In the company's official statement, it is stated that this fresh fund will be the company's ammunition to develop features buy now, pay later and leveraging AI to better serve MSME consumers. In addition, the company will continue to expand to new locations and recruit more talented talents.
“This additional funding in the series B round signifies the interest of investors and their confidence 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 also reorganizes the traditional retail industry. As we move forward, we will continue to take a customer-first approach to addressing fundamental issues with technology,” said Ula Co-founder & CEO Nipun Mehra, Tuesday (16/11).
Previously conveyed by Co-founder & CCO Ula Derry Sakti, this BNPL solution was presented because Ula already has 70 thousand stalls that transact through its platform, the database is a provision for credit scoring before disbursing loans.
It claims the company has grown 230 times, offering more than 6 thousand products. The majority of Ula users come from tier two to four cities that still lack access to resources and logistics infrastructure.
As is known, traditional retailers have limitations in accessing banking products, even though they are very dependent on daily income, this makes payment options paylater to beg has tremendous benefits for stalls.
“With Ula, they no longer have to worry about purchasing goods, product availability, or even payment, which will give them more time to focus on other more important things. Seeing firsthand the impact that Ula has had on customers' lives certainly moves our team to move forward," he said.
The Ula app allows shop owners to order a wide variety of products and have them delivered directly to their stores. With a simple concept, Ula tries to focus on customer needs rather than adding unnecessary features, to ensure the best experience. The app is claimed to be lighter, suitable for low connection environments and the most basic devices, and ensures it doesn't take up too much space on their phones.