Ula, an Indonesian based marketplace app that uses the latest technology to modernize distributed and credit for small retailers, has now secured a seed funding of $10.5 million backed by the LightSpeed India and Sequoia India.
The round also saw participation from the Alter Global, Saison Capital, and SMDV.
The platform that launched in the year 2020 in Indonesia, India, and Singapore and worked as a multi-category wholesale e-commerce marketplace will now be going to use the new funds to invest in its technology platform, and build a team in India.
In a statement, Nipun Mehra, Co-founder of Ula, said,
“Indian leaders have long been building from the region, for the world. And a lot of this is possible because of the strong tech talent pool that is available here. Having worked with the best of the business and tech leaders during my time at Flipkart, Amazon and more recently, Pine Labs – I believe the talent in India, with their focus on impact, is uniquely placed to build the next-generation of cross-over companies.”