Udaan, a domestic business-to-business e-commerce startup, raised $ 280 million (around Rs. 2,046 million) on Wednesday to serve more mom and pop businesses buying products online over time the COVID-19 pandemic.
Udaan said existing investors, including Chinese tech giant Tencent, Lightspeed Venture Partners, DST Global, GGV Capital, and Altimeter Capital, participated in the fundraising along with new investors – Octahedron Capital and Moonstone Capital.
The Bengaluru-based company, which was founded in 2016, is now valued at more than $ 3 billion (approximately Rs 21,920), said a person familiar with the matter. A representative from Udaan declined to comment on his assessment.
“COVID-19 has accelerated the already rapid digital development of the highly fragmented and disorganized Indian trade and retail industry,” said Udaan co-founder Amod Malviya in one Press release. “At the same time, the pandemic has also highlighted the unique structure of the Indian economy. Millions of kiranas and neighborhood stores became our country’s lifeline at the time of the crisis. Udaan is at the forefront of this unique Indian ecommerce opportunity that has emerged as one of the largest ecommerce platforms in India over the past 4 years while taking an India-first-mobile-first approach to e- Commerce pursued. This funding enables us to advance our path of e-commerce in the depth and breadth of the country with Udaan’s unique low-cost model for core central India. “
The company plans to use the additional funding to expand the B2B e-commerce market and improve its capabilities to serve small and medium-sized businesses and achieve profitability.
Udaan, which sells everything from consumer goods to fruits and vegetables, has raised $ 1.15 billion (around 8,400 rupees) to date, the company said.
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