The last remaining shareholders on the cap table of Indonesia’s Ula have officially exited the company, show the wound-down B2B e-commerce startup’s regulatory filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
The filings show that 20 institutional and individual investors transferred their 170,449 shares—equivalent to a 14.47% stake in Rootbridge Tech Pte. Ltd, Ula’s Singapore-registered holding company—on July 22, 2025, to an entity called Unity Business Holdings Ltd.
The exiting investors included B Capital, Quona Capital, Tencent, Prosus Ventures, AC Ventures, Northstar, Citius, SMDV, Saison Capital, Tiger Global, 3State Ventures, DST Global, and Explore Investments LLC.
Unity Business Holdings, a previously unlisted entity, now owns a 14.4% stake in Ula. The ACRA filing did not disclose the value at which the share transfer was executed, nor did it say whether Unity Business Holdings is affiliated with Ula’s management or shareholders of the company.
Post-exit, the only other shareholders listed are founder and CEO Nipun Mehra, who owns 57.02%, and Alan Wong, co-founder and CTO of Ula, who owns 28.51%, and Unity Business Holdings Ltd.
DealStreetAsia could not determine how much capital the investors recouped from the transaction.
Ula’s cap table post investor exit on July 22, 2025
A separate filing shows that other notable investors—Lightspeed Venture Partners, Peak XV Partners, and Alter Global—had exited on February 6, 2025. However, no record is available on where their combined 775,711 shares (based on DealStreetAsia DATA VANTAGE’s calculation) were transferred.
Peak XV, Lightspeed, and Alter Global, are said to be rolling their stakes into Nipun Mehra’s new startup, as DealStreetAsia reported recently.
DealStreetAsia has reached out to multiple exiting investors for comments on the nature of the transaction. Northstar and Peak XV declined to comment.
Lightspeed was the biggest institutional shareholder in the firm, according to DealStreetAsia DATA VANTAGE as of February 2025, with a 12.43% stake, while Peak XV followed with a 10.9% stake.
In February, DealStreetAsia reported that Ula’s founders, who had raised over $141 million in equity funding since the startup’s inception, were returning about 30% of the total capital raised to investors as they liquidate Ula and launch a new venture related to AI.
An investor on Ula’s cap table, who did not want to be named and had opted to take back capital rather than roll over its investment into the new AI startup, said the firm had received about 40 cents to the dollar.
In our recent report, we noted that Nipun Mehra is building a new startup along with 20 team members—a mix of former Ula staff and new hires—developing AI-driven call centre solutions with operations in India, targeting enterprises seeking to automate customer engagement and integrate voice intelligence with CRM tools, an industry executive said. The startup remains in stealth as it tests different models.
Ula’s peer GudangAda, too, had recently bought out major investors, including Peak XV, Alpha Wave Global and Pavilion Capital, at steep discounts. The investors have completely exited the company through secondary transactions executed on July 17, confirmed GudangAda’s filings with ACRA.
The company has since abandoned its FMCG marketplace roots for a beauty retail play under the “Kaka Beauty” brand, a pivot insiders describe as early-stage and unproven. Internally, the company sees the pivot as crucial to its long-term survival amid mounting challenges and widening losses in the broader warung-tech and B2B FMCG sector.
B2B startups such as Ula, once valued at more than $500 million, GudangAda, and Lummo epitomised the promise and pitfalls of Indonesia’s warung-tech sector. These startups sought to digitalise the country’s mom-and-pop shop networks. However, they failed to achieve profitability amid high operating costs, weak unit economics, and challenging logistics.
