B Capital Group, a venture capital firm backed by consultancy Boston Consulting Group, has co-led a $20m series A round for Indonesia-based supply chain marketplace Ula, TechCrunch reported yesterday.
The round was co-led by Quona Capital and included fellow VC funds Sequoia Capital India and Lightspeed India.
Founded in 2020, Ula operates a business-to-business (B2B) e-commerce platform that enables small retailers to buy supplies including fast-moving consumer goods and agricultural products. Store owners can also borrow capital from the company to restock their inventory.
The startup will use the series A proceeds to expand its business in its home country and expand its product offering, potentially adding clothing items and electronics to its repertory.
Sequoia Capital India and Lightspeed had co-led a $10.5m seed round for Ula in June 2020, investing with SMDV and Saison Capital, respective vehicles for conglomerate Sinar Mas and payment services provider Credit Saison, as well as Alter Global, Quona Capital and unnamed individuals.
