Indian B2B eCommerce startup, Udaan, has announced, on Wednesday, that it has raised $280 Million in extra financing from its new and existing investors. The new investors include various giants, namely GGV Capital, Tencent, Octahedron Capital, and Moonstone Capital that merged with the existing group of Lightspeed Venture Partner, Altimeter Capital, and DST Global.
On the funding, Amod Malviya, Co-founder of Udaan said,
COVID-19 has accelerated the already fast digital-led evolution of the highly fragmented and unorganized Indian trade retail industry. Udaan is at the forefront of this uniquely Indian ecommerce opportunity, emerging in the last four years as one of the largest ecommerce platforms in India.
He further added,
Participation of existing and new investors in this financing highlights the increasing recognition of capital markets of this unique nature of the Indian market and the opportunity it offers. It also reflects the long-term truly transformative and fundamental value creation potential that the Udaan platform offers.
The just-released round of investment uplifts the total funds raised by Udaan to $1.15 billion.
In 2016, Unicorn was co-founded by former Flipkart employees, Vaibhav Gupta, Sujeet Kumar, and Amod Malviya. It connects manufacturers, wholesalers, retailers, and traders on a single platform, assisting them to reach customers, products, and suppliers across all the categories and tie-up directly with each other for accomplishing the best deal.
Udaan is at the forefront of this uniquely Indian eCommerce opportunity, emerging in the last 4 years as one of the largest eCommerce platforms in India while taking an India-first mobile-first approach to e-commerce. This financing enables us to further our journey of taking eCommerce to the depth and breadth of the country, with Udaan’s unique low-cost model for core middle India
Udaan performs as a marketplace for products across electronics, lifestyle, home & kitchen, fruits & vegetables, staples, toys, FMCG toys, and general merchandise. Its clients are the manufacturers and the business owners, such as shopkeepers.
A B2B eCommerce startup, Udaan, claims to hold 3+ million users across 900 cities and 25,000 sellers all over the country. Also, it locates a market segment of 100+ million farmers, 30 million retailers, and 15 million manufacturers.
With the latest funding, the Indian B2B ecommerce marketplace Udaan targets to expand its product categories, spreading its technology platform and supply chain infrastructure, including other things. Moreover, the B2B eCommerce startup will improve the user experience. Besides, it will use the new capital to expand its SMEs financial potentials and enhance its supply-chain infrastructure also.
In the year 2018, the company’s valuation had jumped ahead of the line of $1 billion when it raised $225 Mn from Lightspeed and DST Global in its Series C round. Previously, in October 2019 Series D funding, the startup raised $585 Mn from a group of high-profile investors, including Chinese conglomerate Tencent, Altimeter Capital, Footpath Ventures, and Hillhouse Capital. Last year, this B2B unicorn invested approximately Rs 14 Crore in PetPooja, a restaurant management platform.