The Indonesian start-up Ula will use the funds to enhance its technological infrastructure and build its team in India.

Indonesian start-up Ula raised seed funding of $10.5 million led by Sequoia India and Lightspeed India. SMDV, Quona Capital, Alter Global, and Saison Capital and a clutch of prominent angels, including founders of Indian B2B unicorn Udaan, participated in the round.

The five-month-old start-up, which has teams in India, Singapore, and Indonesia, will use the funds to enhance its technological infrastructure and build its team in India.

Nipun Mehra, co-founder, Ula, said: “Indian leaders have long been building from the region, for the world. And a lot of this is possible because of the strong tech talent pool that is available here. Having worked with the best of the business and tech leaders during my time at Flipkart, Amazon and more recently, Pine Labs - I believe talent in India, with their focus on impact, is uniquely placed to build the next-generation of cross-over companies."

Ula's marketplace helps small shops in Indonesia to store less inventory by ordering daily, based on what they expect t sell. The platform use data science to grant working capital credit to retailers.