Bangalore based Udaan, the B2B eCommerce platform has secured $585 million as part of its Series D funding which now values the firm close to $3 billion. The latest investment comes from clutch of backers that include Tencent, Altimeter Capital, Footpath Ventures, Hillhouse, GGV Capital, and Citi Ventures. Lightspeed Venture Partners and DST Global, the existing investors in the firm also participated in the round.
The firm had secured $225 million in September last year as part of the Series C round that was led by DST Global and Lightspeed Venture Partners. The current infusion in the firm takes the total amount raised by the firm close to $900 million. The company is the fastest ever Indian startup to achieve the unicron status.
The platform was founded by Amod Malviya, Sujeet Kumar, and Vaibhav Gupta in 2016 as a platform which can help small and medium enterprises do their businesses in a convenient and efficient way. The platform acts as an e-marketplace for the retailers where they can sell products of categories like apparel, electronics, pharmacy, staples, fresh food, and fast-moving consumer goods.
The firm claims to have more than 3 million retailers using the platform across 900 cities in the country. It has partnered with big brands like boAt, Sandisk, HP, Gini & Jony, Raymond, Rajkamal, Sparx, Action, Siyaram.
Vaibhav Gupta, the co-founder of the firm talking about how the firm plans to utilize the latest capital 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,” cofounder Gupta told ET. “We believe you cannot solve trade for SMEs without thinking holistically about supply chain, lending, and payments.”
Martin Lau, president of Tencent commenting on the investment 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."