E-commerce platform Udaan raises $280 million funds
Udaan, a B2B e-commerce platform, has raised $280 million (Rs 205 crore) in additional financing from its existing and new investors to fuel its expansion plans in the country.
Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, and Tencent participated in the funding exercise, in addition to new investors Octahedron Capital and Moonstone Capital.
In addition to the expansion, Udaan will also utilise the funds to expand the selection of products and categories, enhance the technology platform, expand its SME financing capabilities, and reinforce its supply-chain infrastructure.
Commenting on the funding, co-founder, Udaan Amod Malviya, in a statement said: “Covid-19 has accelerated the already fast digital-led evolution of highly fragmented and unorganised Indian trade/retail industry. At the same time, the pandemic has also highlighted the unique structure of the Indian economy, with millions of kiranas and neighbourhoods stores becoming the lifeline of our country at the time of crisis.”
“Udaan is at the forefront of this uniquely Indian e-commerce opportunity, emerging in the last four years as one of the largest platforms in India while taking an India-first mobile-first approach to e-commerce,” he added.
Udaan currently has operations across categories including lifestyle, electronics, home and kitchen, FMCG, and general merchandise.
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