Bangalore, India-based B2B E-Commerce startup Udaan has raised $280 million in an extension of its Series D round. Earlier, the company had raised $585 million in the initial phase of the Series D round.
The fresh funding of $280 million in additional financing was raised from the company’s existing and new investors. Octahedron Capital and Moonstone Capital is the new investor among the group of investors now, which includes Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, and Tencent.
Udaan has raised $1.15 billion to date. With the fresh funding, the company is now valued at over $3 billion. The fresh funds will be channeled towards the expansion of its products and categories, and SME financing capabilities, and improving user experience and technology platform.
“Participation of existing and new investors in this financing highlights the increasing recognition of capital markets of this unique nature of the Indian market, and the opportunity it offers. It also reflects the long-term truly transformative and fundamental value creation potential that Udaan platform offers,” said Udaan Co-founder Amod Malviya.
Indian B2B market is largely informal as many shops still scramble to maintain an inventory. Udaan addresses this pain point by being the central marketplace across lifestyle, electronics, home and kitchen, staples, fruits and vegetables, FMCG, toys, and general merchandise.
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