Udaan, a homegrown business-to-business e-commerce startup, has raised $280 million (roughly Rs. 2,046 crores), it stated Wednesday, because it seeks to serve extra mom-and-pop companies which can be shopping for merchandise on-line within the wake of the COVID-19 pandemic.
Udaan stated current traders together with Chinese tech big Tencent, Lightspeed Venture Partners, DST Global, GGV Capital, and Altimeter Capital participated within the fundraising, together with new traders - Octahedron Capital and Moonstone Capital.
The Bengaluru-based agency, based in 2016, is now valued at greater than $3 billion (roughly Rs. 21,920 crores), an individual accustomed to the matter stated. A consultant for Udaan declined to touch upon its valuation.
"COVID-19 has accelerated the already fast digital-led evolution of highly fragmented and unorganised Indian trade/ retail industry," Udaan co-founder Amod Malviya stated in a press release. “While at the same time, the pandemic also highlighted unique structure of Indian economy, with millions of kiranas and neighbourhood stores becoming the lifeline of our country at the time of crisis. Udaan is at the forefront of this uniquely Indian eCommerce opportunity, emerging in the last 4 years as one of the largest eCommerce platforms in India, while taking an India-first mobile-first approach to eCommerce. This financing enables us to further our journey of taking eCommerce to the depth and breadth of the country, with Udaan's unique low-cost model for core middle India.”
The firm seems to make use of the extra financing so as to increase B2B e-commerce market and enhance capabilities to serve small and medium companies and obtain profitability.
Udaan, which presents every part from shopper items to vegetables and fruit, has now raised $1.15 billion (roughly Rs. 8,400 crores) so far, the corporate stated.
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