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Ula, the Indonesian warung-tech startup, has introduced its determination to wind down operations and go back roughly 30% of the entire capital raised to its buyers.
The corporate’s co-founder and CEO, Nipun Mehra, in conjunction with the founding workforce, is ready to embark on a brand new challenge unrelated to warung-tech or the B2B market.
Since its inception, Ula has raised over US$141 million from outstanding buyers, together with Bezos Expeditions, Prosus Ventures, Tencent, Top XV (previously Sequoia India), Lightspeed Challenge Companions, B Capital, Northstar, and AC Ventures.
Nowadays 2022, Ula held US$74.26 million in money and money equivalents, a determine that now stands at roughly US$50 million, in line with DealStreetAsia.
Traders were given the method to both redeem their investments at 30% at the buck or roll them into Mehra’s upcoming challenge.
Nipun Mehra
“We’re deeply thankful to our shareholders and companions for his or her persisted trust in our imaginative and prescient,”
stated Mehra in a remark.
“This restructuring is the beginning of a brand new adventure – one fuelled through the similar values that experience at all times guided us: innovation, resilience, and a dedication to compelling have an effect on in our markets.”
Ula’s determination follows demanding situations achieve profitability amid prime operational prices, shifts in call for, and lengthening festival.
The corporate had explored more than a few strategic pivots, together with exporting meals and beverage merchandise to the USA and possible acquisitions, however those efforts didn’t yield the vital effects.
By means of past due 2023, Ula had paused operations and applied staff discounts, marking the start of its slow wind-down.
Business professionals recognize the difficulties confronted through warung-tech startups in Indonesia, with a number of corporations both pivoting or transitioning to asset-light fashions.
Regardless of its preliminary luck in serving over 100,000 warungs throughout East, Central, and West Java, Ula in the long run may now not determine a sustainable trade type.
Whilst the specifics of Mehra’s subsequent challenge stay undisclosed, business assets counsel it can be based totally in India and concentrate on synthetic intelligence (AI), with possible backing from new buyers.
Featured symbol credit score: edited from Ula
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