Marketplace for business-to-business transactions Udaan has raised $120 million (roughly Rs 960 crore) in convertible notes and debt, led by existing shareholders and bondholders. Further, the company intends to go public in the next 12-18 months.
Octahedron Capital, Moonstone Capital, Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, and Tencent are among the company’s investors. It has raised more than $1.5 billion in equity and debt to date, including $280 million in an equity funding round in January 2021.
In April of this year, Microsoft Corporation joined the company’s fundraise. M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital, and Ishana Capital contributed to the $225 million round.
Udaan, founded in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, provides a platform for traders, wholesalers, retailers, and manufacturers to connect and find clients, suppliers, and products across categories, as well as interact directly for the best price.
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