Udaan Bags $75 Mn From M&G Prudential, Lightspeed At Flat Valuation

B2B ecommerce giant Udaan has closed $75 Mn (INR 651 Cr) in a fresh equity funding round from existing investors M&G Prudential and Lightspeed Venture Partners, sources close to the matter told Inc42 on conditions of anonymity.

In a company wide town hall today (February 17), Udaan CEO Vaibhav Gupta informed the employees about the ongoing Series G funding round. The startup raised this round at a flat valuation of $1.8 Bn.

Sources further added that the Delhi NCR-based startup is also likely to close an additional $25 Mn in a funding from potential new investors in the next quarter.

As per sources, the startup will use the fresh capital to further enhance customer experience, deepen market penetration, strengthen strategic vendor partnerships and bolster long-term capabilities in supply chain and credit.

Queries sent to Udaan didn’t elicit any response at the time of publishing this story. 

The fresh development also comes close on the heels of the startup receiving an NCLT nod for  consolidation of its various business entities into a unified entity – Hiveloop Ecommerce Pvt Ltd. – from the National Company Law Tribunal (NCLT). This step is considered a major step with respect to the startup’s IPO ambitions. 

The fresh funding round follows Udaan’s $340 Mn fund raise almost a year ago. Back then it bagged from M&G Prudential, along with participation from existing investors Lightspeed Venture Partners and DST Global.

Founded in 2016 by Gupta, Sujeet Kumar, and Amod Malviya, Udaan enables supply chain and logistics operations focused on B2B trade. It claims to enable daily delivery across over 1,000 cities and 12,500 pin codes through udaanExpress.

To date the startup has raised almost $1.8 Bn in funding and counts marquee investors such as Microsoft, Tencent and Lightspeed among others.