Indian business-to-business (B2B) e-commerce startup Udaan has raised $280 million, it mentioned Wednesday, because it seeks to serve extra mom-and-pop companies which can be shopping for merchandise on-line within the wake of the Covid-19 pandemic.
Udaan mentioned present traders together with Chinese tech big Tencent, Lightspeed Venture Partners, DST Global, GGV Capital and Altimeter Capital participated within the fundraising, together with new traders — Octahedron Capital and Moonstone Capital.
The Bengaluru-based agency, based in 2016, is now valued at greater than $three billion, an individual aware of the matter mentioned.
A consultant for Udaan declined to touch upon its valuation.
“COVID-19 has accelerated the already fast digital-led evolution of highly fragmented and unorganised Indian trade/ retail industry,” Udaan co-founder Amod Malviya mentioned.
Udaan, which gives the whole lot from shopper items to fruit and veggies, has now raised $1.15 billion up to now, the corporate mentioned.
Udaan is a B2B e-commerce platform, designed to unravel core commerce issues for small, medium and huge companies throughout India. It is the biggest such nationwide distribution platform of its sort enabling retailers and companies to supply merchandise from producers, manufacturers, white labels, and importers on a single platform.