Indian B2B e-commerce startup udaan raises $280 million in additional financing from its existing and new investors.
The new investors are Octahedron Capital and Moonstone Capital, DST Global, GGV Capital, Altimeter Capital, and Tencent.
About Company
Founded in 2016, Udaan has the distinction of becoming a unicorn – a startup, which enjoys a valuation of $1 billion and above – in the shortest period of time for the Indian ecosystem.
Its clients are manufacturers and business owners like shopkeepers.
This B2B marketplace has a network of over three million users in 900 cities and connecting to over 25,000 sellers across the country.
Udaan addresses a market segment of over 100 million farmers, 15 million manufacturers, and 30 million retailers.
Fund Utilisation
The funding will be used towards the expansion of selection of products and categories, furthering user experience, enhancing technology platform, expanding SME financing capabilities and reinforcement of the supply chain infrastructure.
Funding till date
The latest round takes udaan’s overall funds raised to $1.15 billion.
Valuation
The startup’s valuation has soared to $3.1 billion, from its last reported valuation of $2.8 billion in 2019.
Comment from Company
“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 Udaan platform offers.”
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