Ula

We talked to Ula’s Co-Founder and Chief Technology Officer Alan Wong to learn more about the key barriers of adoption for digital tech in Indonesia outside of big metro areas, its plans and strategy after securing funding, among other issues.

Ula has secured an additional $23.1 million funding from Tiger Global. With a total Series B funding of $110 Million, Ula will continue to invest in geographic, product, and team expansion, with a special focus on supporting underserved retailer communities through technology in Tier 2 to 4 cities.

Indonesia’s retail market is estimated to be around $300 billion, of which 70-80 percent is traditional retail--with this market growing 8 percent year on year, the potential is enormous.

The funding round was co-led by Prosus Ventures, Tencent and B Capital Group. Amazon founder Jeff Bezos's Bezos Expeditions also joined the round.

Indonesia’s total retail market is on track to cross $300 billion in the next three years, and with e-commerce just reaching $30 billion in 2020, there are still excellent growth prospects. For example, the largest single share of groceries alone makes up over $70 billion, with estimates of online penetration barely crossing 0.5 percent in 2021.

Now is a better time than ever to be investing in Indonesia's digital ecosystem and help back the next generation of entrepreneurs building disruptive businesses. In the next ten years, we'll see over half of the top 20 largest market cap businesses on the IDX being digital-first businesses.