Ula, an Indonesian warung-tech startup, has decided to wind down operations and return about 30% of its capital to investors, following challenges in achieving profitability due to high operational costs and competition. Co-founder and CEO Nipun Mehra and the founding team will pursue a new venture unrelated to their previous business. Ula raised over US$141 million from notable investors, but after exploring various strategic pivots, including exporting products and potential acquisitions, it ultimately could not sustain its business model. Investors can choose to redeem their investments or roll them into Mehra’s upcoming project, potentially focused on AI in India.