Jeff Bezos Invests in Indonesian E-commerce Ula

Ula Secures $87 Million in Series B Funding

Updated October 3, 8:15 PM PT: Ula has officially confirmed the report from TechCrunch regarding its $87 million Series B financing. The funding round was jointly led by Prosus Ventures, Tencent, and B Capital, with participation from Jeff Bezos.

Nipun Mehra, co-founder and CEO of Ula, stated the company’s core objective since its 2020 launch has been to empower local retailers through technology, ultimately increasing their profitability. Their strategy involves long-term investments in technology, supply chain optimization, and data-driven credit solutions.

Mehra further expressed gratitude for the new investors’ global expertise and shared long-term vision. He anticipates valuable insights from their experience in transforming retail landscapes within other developing markets.

Bezos' First Southeast Asia Investment

Previously, Ula, an Indonesian e-commerce startup, had already secured over $30 million in funding and attracted significant investor interest since its inception. Now, the company has gained the backing of the world’s wealthiest individual.

Sources confirm that Jeff Bezos, founder of Amazon, is participating in Ula’s latest financing round, marking his inaugural investment in the Southeast Asia region.

The Jakarta-based company, which already has investments from B Capital Group, Sequoia Capital India, Lightspeed Venture Partners, and Quona Capital, is nearing completion of an $80+ million funding round.

Bezos Expeditions, Bezos’ family office, is the vehicle for this investment, according to individuals with knowledge of the deal who requested anonymity. B Capital Group, Tencent, and Prosus Ventures are expected to co-lead the round, potentially finalizing it this month.

Strategic Investment in B2B E-commerce

Bezos’ investment in Ula, a business-to-business (B2B) e-commerce platform, is noteworthy given Amazon’s limited presence or complete absence in many Southeast Asian countries.

Ula’s representatives did not respond to requests for comment as of Saturday.

The company addresses key challenges faced by small retailers, including supply chain inefficiencies, inventory management, and access to working capital. It provides a wholesale e-commerce marketplace enabling store owners to procure only the necessary inventory, alongside access to financial resources.

Founding Team Expertise

Ula was established by a team of experienced professionals: Nipun Mehra, formerly of Flipkart and Sequoia Capital India; Alan Wong, a previous Amazon employee; Derry Sakti, who led operations for P&G in Indonesia; and Riky Tenggara, with prior experience at Lazada and aCommerce.