B2B ecommerce platform udaan has raised USD 280 million in additional financing from its existing and new investors.
Existing investors in udaan — 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. The additional financing exercise takes the overall funds raised by udaan till date to USD 1.15 billion.
The company will use the new funds to reach out to more small businesses across India. It will seek to expand the selection of products and categories available on udaan, further the user experience, enhance the technology platform, expand its SME financing capabilities and reinforce its supply-chain infrastructure.
udaan has operations across categories including lifestyle, electronics, home and kitchen, staples, fruits and vegetables, FMCG, pharma, toys and general merchandise. It enables small manufacturers, farmers and brands to market and sell their products across the country. While doing so, it enables shopkeepers, kirana owners, restaurants, street vendors, chemists, offices, small factories, contractors etc. to source from a large selection of products at the best prices with the convenience of ecommerce.
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