Live
- Pakistan Protests: PTI Supporters March Towards Islamabad, Demanding Imran Khan's Release
- Additional Collector Conducts Surprise Visit to Boys' Hostel in Wanaparthy
- Punjab hikes maximum state-agreed price for sugarcane, highest in country
- Centre okays PAN 2.0 project worth Rs 1,435 crore to transform taxpayer registration
- Punjab minister opens development projects of Rs 120 crore in Ludhiana
- Cabinet approves Atal Innovation Mission 2.0 with Rs 2,750 crore outlay
- Centre okays Rs 3,689cr investment for 2 hydro electric projects in Arunachal
- IPL 2025 Auction: 13-year-old Vaibhav Suryavanshi becomes youngest player to be signed in tournament's history
- About 62 lakh foreign tourists arrived in India in 8 months this year: Govt
- IPL 2025 Auction: Gujarat bag Sherfane Rutherford for Rs 2.60 cr; Kolkata grab Manish Pandey for Rs 75 lakh
Homegrown B2B e-commerce unicorn Udaan raises $340 mn
B2B e-commerce platform Udaan on Thursday said that it has raised $340 million (a mix of equity and convertible notes) in a Series E round led by UK-based savings and investment firm M&G Prudential, and participated by existing investors Lightspeed Venture Partners and DST Global.
New Delhi: B2B e-commerce platform Udaan on Thursday said that it has raised $340 million (a mix of equity and convertible notes) in a Series E round led by UK-based savings and investment firm M&G Prudential, and participated by existing investors Lightspeed Venture Partners and DST Global.
Udaan said that it aims to deploy fresh funds towards strengthening customer experience, market penetration, strategic vendor partnerships, and to reinforce long-term capabilities of supply-chain and credit.
The fresh funding “enables our continued journey of growth and profitability, positioning us well to be public-market ready in the next 12-18 months,” said Vaibhav Gupta, Udaan co-founder and CEO.
Founded in 2016, Bengaluru-based Udaan has raised $1.8 Bn in funding to date. The unicorn said the latest funding round is subject to regulatory approvals. Last year, Udaan had raised a $200 million debt financing round by issuing convertible notes to new investors.
“Series E round strengthens our balance sheet and fully funds our business plan. The regional-operated design will get us closer to our customers and make our operations more agile and efficient,” said Gupta.
In FY23, the unicorn saw its operating revenue nosedive by 43 per cent to Rs 5,609 crore from Rs 9,897.3 crore in FY22.
