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Home / News / Business News / Bengaluru-based Udaan raises $585 million in Series D funding
  • Business

    Bengaluru-based Udaan raises $585 million in Series D funding

    Written by
    YANTRA (Bot)
    Edited by
    Ratnakar Shukla
    Last updated on Oct 03, 2019, 07:30 pm
    Bengaluru-based Udaan raises $585 million in Series D funding
  • Udaan, a Bengaluru-based B2B start-up by former Flipkart executives, has raised $585 million in Series D funding round.

    The investment, which is company's biggest till date, has taken its valuation to nearly $2.8 billion.

    The funding comes from Tencent, Altimeter Capital, Hillhouse Capital, GGV Capital, Footpath Ventures, and Citi Ventures, along with existing investors Lightspeed Venture Partners and DST Global.

  • In this article
    Here's what Tencent's President said on the investment What exactly does Udaan do A look at the previous investments What Udaan plans to do with the fresh funds?
  • Quote

    Here's what Tencent's President said on the investment

  • Commenting on his latest investment, Martin Lau, Tencent's President, said, "Udaan represents a powerful example of how technology can empower the business of small merchants, improve the efficiency of industries and bring benefits to consumers." Notably, Udaan is one of the fastest start-ups to achieve unicorn status (valuation = $1 billion).

  • Udaan

    What exactly does Udaan do

    What exactly does Udaan do
  • Udaan was founded by three IITians and former Flipkart executives, Amod Malviya, Sujeet Kumar and Vaibhav Gupta, in 2016.

    The company is an e-marketplace that helps small businesses by connecting retailers with wholesalers.

    The start-up works across categories including electronics, pharmacy, home and kitchen products, clothing, and footwear.

  • Investment

    A look at the previous investments

  • Now, with the latest round of investment, the total funding raised by Udaan since 2016 comes to $870 million.

    To recall, the company's last round of funding had happened in September 2018 wherein it had raised $225 million in Series C round from investors including DST Global and Lightspeed Venture Partners.

    Meanwhile, its total valuation now stands at around $2.5-3 billion.

  • Future plans

    What Udaan plans to do with the fresh funds?

    What Udaan plans to do with the fresh funds?
  • Presently, Udaan connects 25,000 wholesalers to approximately 3 million retailers across the country.

    Talking about company's future plans, co-founder Vaibhav Gupta said "We will continue to focus on growing the marketplace - adding more buyers, sellers, bringing in more categories on the platform and investing around building capabilities in fulfilment, delivery, lending, marketing, category management and core technology."

  • Lightspeed Venture Partners
  • UDAAN
  •  
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