(QNO) - American billionaire and Amazon founder Jeff Bezos participated in a USD87 million Series B funding for Indonesian start-up Ula.
Jeff Bezos invested in a new financing round of the 1.5-year-old start-up through Bezos Expeditions- his family office.
It marked his first-ever investment in Southeast Asia’s e-commerce space.
The Ula previous fundraising events collected over USD 30 million.
Ula was founded to offer technology solutions to small neighbourhood retails, helping them improve their income.
At the same time, Ula provides long-term solutions, supporting traditional retails to solve their underlying problems through investing in technology, supply chain and data-enabled credit offering.
Small retailers cooperating with Ula are able to overcome the difficulties in their supply chain, inventory, and working capital easily.
Ula operates a wholesale e-commerce marketplace to help store owners stock only the inventory they need, and also grants them with working capital.
Ula was founded by Nipun Mehra (a former CEO of India’s Flipkart and ex-partner of Sequoia Capital India), Alan Wong (a former Amazon employee), Derry Sakti (who formerly oversaw consumer goods giant P&G’s operations in Indonesia), and Riky Tenggara (who used to work with Lazada and aCommerce).