[Weekly Updates] Massive Seed Funding for Ula; SIRCLO and ICUBE Merge; and More

We deliver weekly update about tech startup in Indonesia

Amir Karimuddin - 16 June 2020

Last week the headline was highlighted by $10.5 million seed funding for Ula, an e-commerce platform for the small retail stores, founded by a group of co-founders led by former Sequoia India's employee. It's soon to launch pilot project in East Java.

Also in the news was the merger between SIRCLO and ICUBE to be the champion in e-commerce enabler business, seed funding for Soul Parking, a smart parking infrastructure for motorcycle, and Series A funding for Wallex, an online remittance platform.

Ula Receives 148 Billion Rupiah Seed Funding, Offers Supply Chain Platform and Capital Support

Ula, a startup working on supply-chain solutions for small shops and SMEs, has received seed funding worth of US $10.5 million or equivalent to 148 billion Rupiah. The round led by Sequoia India and Lightspeed India, with the participation of SMDV, Quona Capital, Saison Capital, and Alter Global. Several angel investors are also participated, including Patrick Walujo, Willy Arifin, Sujeet Kumar, Vaibhav Gupta, Amod Malviya, Rohan Monga, and Rahul Mehta.

The business concept relies on e-commerce-based applications. It consists of a wide selection of wholesale merchandise with high demand by stall owners or other SMEs, specifically related to daily needs (FMCG). A unique thing about this service unique is that it allows users to use the pay later feature in the application. This flexible payment is considered to solve capital problems that often blocked small stalls to grow.

SIRCLO and ICUBE Merge, Aims to be a Comprehensive E-commerce Enabler

SIRCLO, an e-commerce enabler platform, has merged with tech solution agency ICUBE. Through this action, the new entity expects to combine thousands of clients with a variety of businesses. ICUBE, however, will still be operating as an independent entity, with both companies have 450 employees in total.

Muliadi Jeo, ICUBE's Founder, will serve as SIRCLO's CTO, while Leontius Adhika Pradhana switches role to CPO.

Soul Parking Secures Seed Funding, Developing Smart Parking Infrastructure

Smart parking startup Soul Parking has received seed funding led by AC Ventures and Agaeti Ventures with an undisclosed amount. Several undisclosed angel investors also participate.

Soul Parking developed a smart parking solution called Compact Motorcycle Storage (CMS), portable parking space for motorcycles. It is designed to create a proper parking environment in strategic locations with tight space. The parking infrastructure is equipped with a digital application, which is able to facilitate the preparation, monitoring, and payment of vehicle parking, as well as facilitate the reporting of parking transactions to landowners.

Online Remittance Platform Wallex Secures Series A Funding

Wallex Technologies has received Series A funding with an undisclosed amount from BAce Capital, SMDV, and Skystar Capital. Also participated are some existing investors.

The recent funding will be used to scale its business in several new markets, as well as to maintain the current products.

Another plan is to develop new services and upgrades its existing products, including virtual receivable accounts and digital wallets with currency options in certain countries. is a news portal for startup and technology innovation. You can be a part of`s startup community and innovation members, download our tech research and statistic reports, and engage with our innovation community.

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