Indonesia-based supply chain services provider Ula has received $10.5m in financing from investors including diversified conglomerate Sinar Mas and payment services firm Credit Saison, TechCrunch reported yesterday.
Venture capital firms Sequoia India and Lightspeed India co-led the round, investing alongside Sinar Mas subsidiary SMDV, Credit Saison unit Saison Capital, Alter Global, Quona Capital and undisclosed angel investors.
Ula runs a service that sources stock for brick-and-mortar retailers and delivers it to them, while also offering supply chain financing. The service, which was launched in January this year and is operating in beta, relies on data science to assess the creditworthiness of borrowers.
The company will allocate the funding to increasing inventory, particularly in areas like electronics and fashion, as it looks to expand across its home country.
