Ula Gets Initial Funds of 148 Billion Rupiah, Offers “Supply Chain” Platform With Capital Assistance

Ula, a startup working on solutions supply chain for warungs and SMEs, today (10/6) announced the acquisition of initial funding of US$10,5 million or equivalent to 148 billion Rupiah. The investment round was led by Sequoia India and Lightspeed India, with the involvement of SMDV, Quona Capital, Saison Capital and Alter Global. A number of angel investors also participating, including Patrick Walujo, Willy Arifin, Sujeet Kumar, Vaibhav Gupta, Amod Malviya, Rohan Monga, and Rahul Mehta.

This platform was just launched in January 2020 and has its head office in Jakarta. The business concept relies on -based applications E-commerce which contains a wide selection of wholesale merchandise that is usually hunted by shop owners or other SME players, especially those related to daily necessities (FMCG). One thing that makes this service unique is that it allows users to take advantage of features paylater embedded in the application. This flexible payment is considered to be able to solve the capital problem that is often faced by small stalls to grow.

Currently Ula still testing the initial version of the product in private beta in the East Java region. After that, it is targeted to immediately embrace all potential users in Java and expand the product category to electronics and fashion. Para founder quite optimistic, especially with the Covid-19 pandemic, services for fulfilling needs online continue to increase.

Although the focus of its business is in Indonesia, Ula's development team is not only based here, but also in India and Singapore. Ula was founded by four people founders who have experience working in global companies include Derry Sakti, Riky Tenggara, Nipun Mehra, and Alan Wong.

Many people support SME businesses

In Indonesia, there are actually several startups that are trying their luck in similar business verticals. Call it Klikdaily, their service also makes it easier for shop owners to get product stock. In May 2020 then new book series A pendanaan funding led by Global Founders Capital. Besides that, there are TokoPandai, Limakilo, Kudo and so on.

Several other technology platforms have also started models supply chain leaders with various forms. For example what developers do point of sale Mocha with Moka Fresh products. Integrating the basic material fulfillment system for small entrepreneurs through one pintu. Or partnership program initiated by the giant E-commerce, such as Mitra Bukalapak, Tokopedia, and Shopee -- which are also targeting the fulfillment of needs at traditional stalls.

The market potential is indeed large, according to data presented by Ula, in developing countries such as Indonesia, traditional retail almost contributes 80% of the total market share value. Its business model also empowers millions of people across the region; From a business perspective, they are considered the most knowledgeable about the characteristics of the surrounding consumers, thus ensuring that products are always right on target.

However, there are problems that hinder these business people from growing big, most commonly related to less than optimal working capital and incompetent human resources, so that business development becomes stagnant. These are the two things that Ula is trying to solve through a need-fulfilling platform in one pintu, equipped with credit services based on data analysis with intelligent systems.

"For us, the measure of Ula's success is measured by how much customers can improve their business and their lives. Our vision is to revolutionize SME trade with technology, help increase their efficiency, and provide tools (technology) that facilitate business," said Riky Tenggara.