MUMBAI : Udaan, a business-to-business ecommerce platform, has raised $340 million by way of a mix of recent fairness and conversion of debt to strengthen its steadiness sheet.
The financing spherical was led by M&G Plc, a UK-based funding and financial savings firm. Present fairness buyers Lightspeed Enterprise Companions and DST International additionally participated.
The deal is topic to regulatory approvals.
Udaan declined to touch upon the valuation. The corporate had beforehand raised fairness in January 2021 in a deal valuing it at almost $3 billion, in keeping with an Entrackr report.
The corporate, operated by Hiveloop Know-how, stated it’s concentrating on operational profitability and to be prepared for an preliminary public providing of its shares in 12-18 months.
The “sequence E spherical strengthens our steadiness sheet and absolutely funds our marketing strategy. It permits our continued journey of progress and profitability, positioning us effectively to be public-market prepared within the subsequent 12-18 months,” co-founder and CEO Vaibhav Gupta stated.
“The regional-operated design won’t solely get us nearer to our prospects, but in addition make our operations extra agile and environment friendly,” he added.
Gupta stated the eB2B market alternative is not less than $100 billion.
M&G’s “funding technique aligns with Udaan’s ambition to simplify and improve effectivity in a congested B2B market,” stated Niranjan Sirdeshpande, (EMEA) eirector at M&G Catalyst.
“We imagine this financing places the corporate on a particularly sturdy monetary footing and on track to additional enhance profitability whereas empowering small companies throughout Bharat,” stated Bejul Somaia, companion, Lightspeed Enterprise Companions.
Udaan had raised capital in November 2022 through convertible notes. Earlier than the present fundraise, the entire capital raised by Udaan in convertible notes had crossed $350 million.
At the moment, too, Udaan had informed staff in a mail that it was aiming for a public share itemizing in 12-18 months.
Udaan was based in 2016 by former Flipkart staff Amod Malviya, Sujeet Kumar, and Vaibhav Gupta. The corporate provides a platform for merchants, wholesalers, retailers, and producers to return collectively, permitting them to search out purchasers, suppliers, and merchandise throughout classes, in keeping with its web site.
Udaan’s different buyers embrace Octahedron Capital, Moonstone Capital, GGV Capital, Altimeter Capital and Tencent.
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Printed: 14 Dec 2023, 04:15 PM IST
Supply: Live Mint