The company had in October raised $87 million in the round co-led by Prosus Ventures, Tencent and B Capital. The company also plans to expand its geographical reach and hire more team members. Founded by Mehra, Alan Wong, Derry Sakti, and Riky Tenggara, the company connects wholesalers and distributors with small retailers. The company has raised a total of $140.6 million to date, starting from a $10.5 million seed round in June last year and a $20 million Series A round in January 2021. In its statement on Tuesday, Ula said it will expand its buy now, pay later (BNPL) offering and utilise artificial intelligence to serve its SME customers better.