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).
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."