Home Funding Alert B2B Startup Udaan raises $40 Mn from EvolutionX

B2B Startup Udaan raises $40 Mn from EvolutionX


Business-to-business (B2B) marketplace Udaan has raised nearly $40 million in fresh debt from early-stage financier EvolutionX Debt Capital, a person aware of the development said. This follows Udaan’s $120 million fundraising completed a fortnight ago.

“With this, the total funds raised by Udaan in the last four quarters have reached $400 million,” the person said.

The latest investment, alongside Udaan’s recent capital raise, will improve the company’s financial strength as well as continue to drive its operational efficiencies with an enhanced focus on achieving profitable growth, EvolutionX said in a release.

Earlier this month, EvolutionX announced its debut debt investment in API Holdings, the parent of PharmEasy.

In January, Udaan raised $250 million, comprising $200 million worth of convertible notes or short-term debt that can subsequently be converted to equity, and $50 million of debt.

The round saw the participation of investors M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital and Ishana Capital. Microsoft Corporation took part in an extended round in April.

B2B Startup Udaan

Founded in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, Udaan is a B2B trade platform catering to small and medium businesses in India.

Traders, wholesalers, retailers, and manufacturers can connect on Udaan’s platform, where they can look for customers, suppliers, and products across categories and communicate with one another directly for the lowest price.

The platform has over 3 million retailers registered across various categories including lifestyle, electronics, home and kitchen, staples, fruits and vegetables, FMCG, pharma and general merchandise.

The company is backed by the likes of Octahedron Capital, Moonstone Capital, Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital and Tencent, among others.

“We believe in efficiency as a driver of profitable growth and will continue to refine our cost structures and models. In this direction, we have taken numerous steps, with enhanced digital capabilities, to achieve efficiency and scale, become more agile and remain competitive in the marketplace,” it said.


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