Udaan, a B2B Platform for businesses & shop-owners which has embarked on an IPO journey, has secured $340 million in a Series E financing round to enrich its customer experience and market depth, ink strategic vendor partnerships, and fortify supply-chain and credit capabilities, it said in a public statement.
The firm has secured upwards of $350 million in debt funding since the last two years, with the fresh investment infusion coming from Temasek-backed EvolutionX Debt Capital.
In October 2023, the Bengaluru-based company secured $120 million in convertible notes from existing shareholders and bondholders. The Series E round is will facilitate Udaan to accomplish operational profitability in the next 12-18 months. Udaan has invested the last eight quarters working towards finetuning its business strategy to achieve the profitability milestone, the company said.
The firm also expects to be ready for a public market listing over the next few months, it noted.
Udaan strengthens balance sheet
“The Series E round strengthens our balance sheet and fully funds our business plan. It enables our continued journey of growth and profitability, positioning us well to be public-market ready in the next 12-18 months,” said Vaibhav Gupta, Co-founder and CEO of Udaan.
The funding comes just months after the company restructured its business units following the exit of Chief Technology Officer Gaurav Bhalotia.
The Udaan latest funding round was led by London-based global investment manager M&G Plc. Existing investors Lightspeed and DST Global also participated in the round. The funding is a combination of fresh equity investment and conversion of existing convertible notes into equity, the firm said in a statement.
