Derry Sakti is a co-founder of Ula. Before Ula he ran P&G operations in Indonesia, so he knew how products reach small shops. He co-founded the company in 2020 with Nipun Mehra, a former Flipkart executive and Sequoia Capital India partner.
Ula put a supply, credit and ordering layer on top of small neighbourhood shops, or warung. They got wholesale prices and paylater credit.
The company raised a $10.5 million seed in June 2020 and a $20 million Series A in January 2021. In October 2021 it raised an $87 million Series B with Prosus Ventures, Tencent and B Capital. Tiger Global added $23.1 million in November 2021, taking the round to $110 million. Ula later wound down its warung business.