Ula announces it has raised $20 million in a seed round. Mehra and Sakti co-founded Ula in January of 2020. With Ula, they are trying to organize this sourcing and supply chain for small retailers so that there is a one-stop shop for everybody.
Despite the pandemic, ULA made inroads in the Indonesian market last year and today serves more than 20,000 stores. And naturally, investors have noticed. Nipun Mehra, a former executive of Flipkart in India, and Derry Sakti, who oversaw consumer goods giant P&G’s operations in Indonesia, began to explore opportunities to address this in 2019.
“Much like India, much of the Indonesian retail market is unorganized. In the food and vegetable category, for instance, there are lots of farmers who sell to agents, who then sell to mandis (markets). From these mandis, the inventory goes to small wholesalers, and so on. There are lots of players in the chain,” said Mehra, whose previous stints include working at Sequoia Capital India,