Udaan, a B2B e-commerce platform, announced securing $340 million in a Series E funding round, including equity and convertible notes. Led by UK-based M&G Prudential, this round also saw participation from Lightspeed Venture Partners and DST Global.
The investment aims to bolster customer experience, market expansion, strategic partnerships with vendors, and fortify supply chain and credit capabilities. CEO Vaibhav Gupta sees this capital infusion as pivotal for their growth trajectory, gearing up for a potential public listing in 12-18 months.
Founded in 2016 and headquartered in Bengaluru, Udaan has amassed $1.8 billion in funding. Gupta highlighted plans to optimize operations regionally for enhanced customer service and operational agility.
Despite a 43% decrease in operating revenue from FY22 to FY23 (Rs 9,897.3 crore to Rs 5,609 crore), Udaan remains focused on streamlining operations and preparing for a robust future. Regulatory approvals await the finalization of this funding round.
Key Points:
1. Udaan, a B2B e-commerce platform, announced a successful Series E funding round, securing $340 million in a mix of equity and convertible notes. The funding was led by M&G Prudential, a UK-based investment firm, along with Lightspeed Venture Partners and DST Global, among existing investors.
2. The capital infusion aims to bolster various facets of Udaan's operations, focusing on enhancing customer experience, expanding market reach, forging strategic vendor collaborations, and fortifying supply chain and credit capabilities.
3. Vaibhav Gupta, CEO, and co-founder of Udaan highlighted that this fresh funding facilitates their growth trajectory and profitability, positioning the company for potential readiness for the public market within the next 12-18 months.
4. Established in 2016 and based in Bengaluru, Udaan has accrued a total funding of $1.8 billion to date. This latest Series E round is pending regulatory approvals, supplementing the prior $200 million debt financing through convertible notes from new investors.
5. Despite a 43% decrease in operating revenue to Rs 5,609 crore in FY23 from Rs 9,897.3 crore in FY22, Udaan's strategic approach involves strengthening its balance sheet and executing a regional-operated design to enhance customer proximity and operational efficiency.
(With Agency Inputs)
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