Why Ula’s Founder Walked Away With $50M Still in the Bank

Ula was once one of Southeast Asia’s brightest startups. In under two years, it raised $140M from Tiger Global, Lightspeed, Peak XV, and even Bezos Expeditions — all while seeking to reinvent Indonesia’s warung (roadside kiosk) economy.But when global markets turned in 2022, co-founder and CEO Nipun Mehra saw the writing on the wall. Without fresh capital, tough choices loomed. What followed was a grueling two-year stretch of layoffs, a failed M&A attempt, and, by late 2023, Ula’s shutdown.Now, for the first time, Nipun tells the full story — and unveils his next venture — exclusively on the 60/40 Podcast.Timestamps00:00 – The single hardest thing to do as an entrepreneur 01:35 – What’s happening in Indonesia’s startup scene06:55 – Nipun’s own journey to founding Ula09:05 – Why Ula set out to transform Indonesia’s warung economy15:00 – Cracks appear: global downturn, local realities20:20 – When growth-at-all-costs stopped working25:48 – The most critical assumption for any founder27:00 – Layoffs, pivots, and the psychology of tough calls31:10 – The $50M question: why Nipun chose to shut down38:15 – Giving capital a choice and a failed M&A process43:26 – Walking away from a potential $100M fortune45:50 – Announcing his new startup — and what he’s building next51:40 – Founders just have to keep going and keep buildingGive us feedback or nominate topics & speakers at [email protected]/40 is a bi-weekly podcast co-hosted by Prashanth Ranganathan, Peter Bithos, and Maria Li. Special thanks to our guest, Nipun Mehra, CEO & Co-founder of Ula and Neoflo.AIA podcast by Tech in Asia, a member of The Business Times.