The Indonesian fintech startup which started operations in January 2020, is already a strong performer in the Southeast Asian marketplace and is helping to convert Indonesia’s $250bn retail industry with its services.
The company has a robust existence in Singapore, India and Indonesia through its work with small retailers. Ula helps small business holders solve their supply chain and inventory incompetence, as well as granting them working capital.
The most recent successful funding round was led by Quona Capital and B Capital Group. Quona Capital was a key participant in Ula’s seed round. Existing investors Lightspeed India and Sequoia Capital India also participated in the Series A.
The new funding lets Ula to grow its geographical footprint, grow its suite of products and services and move into new categories.
To date, Ula has expanded to serve over 20,000 stores, primarily in East Java. The Ula platform also offers micro retailers with simple-to-use tools and technology that digitises their supply chain, inventory and working capital management.
According to reports, small retail businesses within the Indonesian market are projected to be worth $200-$250b and growing at a rate of $15b a year. Through traditional business procedures, they operate with an 8-10% cost lead over modern retailers, often employing family members and operating out of their homes. They also have deep, personalised insights into consumer behaviour in their location that can be helpful for a business. However, inefficient product sourcing, limited access to affordable technology solutions, and the high cost of existing working capital curb their ability to compete.
To support the stores, Ula provides a range of products via an ecommerce application and doorstep service that permits business owners to carry smaller inventory, thereby freeing up capital to buy a wider variety of product.