Indonesian B2B marketplace Ula's losses more than doubled in 2022 despite revenue surge

Indonesian B2B marketplace Ula's losses more than doubled in 2022 despite revenue surge

Left to right: Ula’s founders Riky Tenggara (COO), Derry Sakti (CCO), Nipun Mehra (CEO), Alan Wong (CTO)

Indonesian B2B marketplace Ula’s losses widened 2.3x for the financial year ended December 31, 2022, owing to increased cost of sales and higher expenses. The higher costs more than offset an over six-fold surge in revenue in the year.

Edited by: Pramod Mathew