B2B ecommerce platform Udaan has raised INR 75 Cr ($10 Mn) from debt venture firm InnoVen Capital. In a resolution passed by the company on November 2, Udaan has allotted 750 non-convertible debentures to pick up INR 75 Cr from InnoVen Capital.
The development comes almost a month after Inc42 exclusively reported about Udaan receiving shareholders’ nod to raise INR 2,000 Cr by allotting NCD within a period of one year. In the later half of September, the company had raised INR 50 Cr from another debt venture capital Blacksoil in multiple tranches.
In January this year, Udaan mopped $280 Mn in funding from Octahedron Capital and Moonstone Capital, Lightspeed Venture Partners, among others, at a valuation of $3.1 Bn.
Founded by flipster (former Flipkart employees) Sujeet Kumar, Vaibhav Gupta, Amod Malviya, Udaan connect SMBs, manufacturers, wholesalers, retailers to sell goods and services. The B2B ecommerce unicorn claims to have more than 3 Mn retailers, over 25K sellers and operators in 900 cities. Udaan has over 5 lakh products on its websites ranging from food, toys, to footwear and clothing.
The startup competes against the likes of IndiaMart, MaxWholeSale, Reliance Retail, among others. Other ecommerce B2B giants in the space but don’t compete against Udaan are Zetwerk, Infra.Market, Moglix, OfBusiness, among others.
Udaan counts DST Global, GGV Capital, Hillhouse Capital Group, Trustroot Internet, Citi Ventures, and Tencent.
As per Mint report, the startup is also in talks to raise INR 4,000 Cr to fund expansion as retailers and wholesalers continue to shift to ecommerce platforms.
As per a Grand View Research report, the global B2B ecommerce business was valued at $6.64 Tn in 2020 and is expected to grow at 18.7% from 2021 to 2028. The report highlighted that the Asia Pacific region held around 60% market share in 2020.