Home Business B2B Start-Up Udaan Raises $250 Million Via Convertible Note And Debt

B2B Start-Up Udaan Raises $250 Million Via Convertible Note And Debt

by admin

New Delhi: India’s largest business-to-business (B2B) e-commerce platform Udaan has raised $250 million by convertible notice and debt, in line with a report revealed in Enterprise Normal.

The Bengaluru-based agency has raised $200 million by way of convertible notice and an extra $50 million as debt, stated Udaan’s Chief Monetary Officer Aditya Pande.

“We’re excited and glad to share that we’ve got 5 new marquee buyers coming onboard the Udaan juggernaut, as a part of our just lately concluded convertible notice financing. This spherical was oversubscribed 2x and likewise noticed participation from our current buyers, together with those that purchased into the corporate by the secondary (ESOP) spherical in H1 2021,” Pande wrote in an e mail.

Nevertheless, the e-mail didn’t reveal the title of buyers. The present valuation of Udaan additionally couldn’t be ascertained.

Pande stated, “With this convertible providing, we, as an organization, have began constructing an entire new muscle in our finance operate which we’ll proceed to strengthen as we go ahead.”

Udaan was co-founded by three former Flipkart executives Sujeet Kumar, Vaibhav Gupta, and Amod Malviya.

In line with the report, the trio is busy in connecting small retailers with wholesalers and merchants in India as overwhelming majority of B2B market within the nation stays unorganised.

The corporate immediately serves greater than 3 million retailers and small and medium-sized companies and has signed up hundreds of manufacturers, together with Coca-Cola, PepsiCo, Boat Way of life, Micromax, HP, LG, ITC, HUL, and P&G.

Udaan competes with e-commerce giants corresponding to Amazon India, Flipkart, Reliance’s JioMart and the Tata group for a share within the grocery market.

In line with the sources, the start-up is eyeing the grocery market to be price $850 billion by 2025 and is specializing in group grocery e-commerce to faucet the sector rising sharply within the pandemic.

Uddan earlier had stated that the corporate is planning to launch an preliminary public providing (IPO) within the subsequent 18-24 months.

Source link

You may also like

Leave a Comment