Udaan looks to deploy fresh proceeds to expand its outreach through micro-market strategy and boost go-to-market capabilities and operations
The company claims that the investment will also help Udaan to position itself as a preferred partner for kirana stores and small businesses
Founded in 2016 by Vaibhav Gupta, Sujeet Kumar and Amod Malviya, Udaan enables supply chain and logistics operations focused on B2B trade
B2B ecommerce unicorn Udaan
has marked the final close of its new debt funding round of INR 300 Cr from Lighthouse Canton, Stride Ventures, InnoVen Capital and Trifecta Capital.
The company looks to deploy the fresh proceeds to expand its outreach through micro-market strategy and boost go-to-market capabilities and operations.
It further aims to streamline its supply chain processes and open new micro-fulfilment centres, the startup said in a statement.
Additionally, the investment will also help Udaan to position itself as a preferred partner for kirana stores and small businesses.
Kiran Thadimarri, senior vice president, group finance, Udaan, said, “This funding will further strengthen our financial position, providing the flexibility to double down on key strategic initiatives such as expanding our cluster model to drive operational excellence enabling us to continue on our path to profitability while solidifying our market position.”
The company claims to have witnessed a 30% reduction in absolute EBITDA burn in year-to-date (YTD), CY24. Further its gross margins have improved by 200 basis points and contribution margins by 300 basis points YTD, as per its statement.
Earlier this week Udaan was in discussions with M&G Prudential to raise $80-100 Mn in a fresh funding round. This new round is expected to increase M&G’s stake in Udaan from around 15% now, once it is closed.
The Bengaluru-based startup in December last year secured $340 Mn in Series E financing round led by M&G Plc with participation from existing investors such as Lightspeed Venture Partners and DST Global.
Founded in 2016 by Vaibhav 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.
