Ula, an online marketing place that modernizes distribution and credit processes in the traditional retail segment, had garnered INR 79.29 crore in the latest seed funding round.
The round has been led by the Indian arms of venture capital Sequoia and Lightspeed. Other investors that contributed to the round include SMDV, Quona Capital, Saison Capital and Alter Global, VC Circle reported citing Ula's official statement.
Co-founders of Udaan, Amod Malviya, Vaibhav Gupta and Sujeet Kumar have also infused fresh capital in the company, according to the media report.
"Ula has a highly experienced team bringing together the right mix of experience in local and global e-commerce, retail and fintech," Abheek Anand, Managing Director of Sequoia Capital (India) Singapore, told the cited media agency.
The company will deploy funds to improve its technological infrastructure and create its team in India.
Nipun Mehra, Derry Sakti, Riky Tenggara and Alan Wong together established Ula in January this year. The firm asserts that it works as a multi-category wholesale platform aiming to aid small store owners in having access to product selections, prices and working capital to augment its earnings.
The company also claims to have ten times growth in its business since its establishment, with regular customers procuring 2 to 3 times more of their original volumes.