E-commerce Startup Udaan Raises $280 Million
Business-to-Business (B2B) e-commerce startup Udaan, reported on Wednesday that it has brought $280 million up in additional financing from its current and new investors . The round saw participation from existing investors - Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, and Tencent. Additionally, two new investors were seen onboard - Octahedron Capital and Moonstone Capital.
The financing features the enormous capability of the Indian B2B e-comm market and Udaan's plan of action to the Indian exchange market. With this the overall funds raised by the ecommerce platform amount to $1.15 billion.
The funds thus raised will be utilized for creation of b2b web-based business in India, expanding reach and bringing e-commerce to various SME’s and small businesses the nation over. The key aspects of speculation will be thorough expansion of selection of items and categories accessible on Udaan, advancing client experience, upgrading innovation platforms, extending SME financing capacities and enhanced support of the supply chain infrastructure .
Founded in 2016, Udaan is a B2B e-commerce stage with activities across multiple classes inclusive of lifestyle, gadgets, home and kitchen, staples, FMCG, pharma, toys and general products.
