NEW DELHI: Online business-to-business platform Udaan has closed a Series G equity funding round of $75 Million, led by M and G Plc, according to people in the know.
Company Co-Founder and CEO Vaibhav Gupta announced the round’s closure to employees on Monday, and mentioned that the company is in advanced discussions to close an additional equity round of $25 Million from potential investors in the “coming quarter”.
The Series G funding round, led by M and G Plc and supported by existing investors like Lightspeed Venture Partners, comes after a $340 Million fundraise in December 2023.
A query to the company did not elicit any response till the filing of this story.
Udaan intends to use the newly acquired capital to improve customer experience, expand its market reach, strengthen partnerships with vendors, and bolster long-term capabilities in supply chain and credit, sources said.
Last month, The National Company Law Tribunal (NCLT) gave a green light for Udaan to merge its multiple business entities into one – Hiveloop Ecommerce Pvt Ltd.
The unification of its business under a single umbrella strengthens Udaan’s operating model as it prepares for a potential IPO in 2026.
The company is on track to achieving profitability, with a 65 per cent revenue growth and over 70 per cent increase in daily transacting buyers, the sources said.
Founded in 2016, Udaan enables technology-based supply chain and logistics operations, focusing on B2B trade.
It operates across diverse categories, including FMCG, staples, fruits and vegetables, and pharma.
It claims to hold about 70 per cent market share in India.
With inputs from PTI
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