Udaan, a homegrown business enterprise-to-business enterprise e-commerce startup, has raised $280 million (approximately Rs. two,046 crores), it stated Wednesday, as it seeks to serve far more mom-and-pop firms that are shopping for items on the web in the wake of the COVID-19 pandemic.
Udaan stated present traders together with Chinese tech giant Tencent, Lightspeed Venture Partners, DST Worldwide, GGV Capital, and Altimeter Capital participated in the fundraising, along with new traders – Octahedron Capital and Moonstone Capital.
The Bengaluru-primarily based company, founded in 2016, is now valued at far more than $three billion (approximately Rs. 21,920 crores), a particular person acquainted with the matter stated. A representative for Udaan declined to comment on its valuation.
“COVID-19 has accelerated the by now speedy digital-led evolution of extremely fragmented and unorganised Indian trade/ retail market,” Udaan co-founder Amod Malviya stated in a press release. “While at the similar time, the pandemic also highlighted exceptional framework of Indian economic system, with hundreds of thousands of kiranas and neighbourhood merchants getting to be the lifeline of our nation at the time of crisis. Udaan is at the forefront of this uniquely Indian eCommerce possibility, emerging in the final four many years as a single of the biggest eCommerce platforms in India, even though taking an India-initial mobile-initial technique to eCommerce. This financing permits us to additional our journey of taking eCommerce to the depth and breadth of the nation, with Udaan’s exceptional reduced-expense model for core middle India.”
The organization appears to use the further financing in buy to broaden B2B e-commerce market place and make improvements to abilities to serve tiny and medium firms and accomplish profitability.
Udaan, which delivers every little thing from buyer products to fruits and greens, has now raised $one.15 billion (approximately Rs. eight,400 crores) to date, the organization stated.
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