Technology

Udaan E-Commerce Startup Raises $280 Million From Tencent, Many others

Udaan, a homegrown enterprise-to-organization e-commerce startup, has lifted $280 million (about Rs. 2,046 crores), it said Wednesday, as it seeks to provide additional mom-and-pop companies that are obtaining merchandise on the web in the wake of the COVID-19 pandemic.

Udaan said current traders which include Chinese tech giant Tencent, Lightspeed Undertaking Partners, DST World, GGV Funds, and Altimeter Cash participated in the fundraising, alongside with new buyers – Octahedron Capital and Moonstone Funds.

The Bengaluru-based mostly company, established in 2016, is now valued at a lot more than $3 billion (around Rs. 21,920 crores), a individual acquainted with the issue stated. A consultant for Udaan declined to remark on its valuation.

COVID-19 has accelerated the by now quickly digital-led evolution of remarkably fragmented and unorganised Indian trade/ retail field,” Udaan co-founder Amod Malviya mentioned in a press release. “While at the identical time, the pandemic also highlighted special framework of Indian overall economy, with tens of millions of kiranas and neighbourhood outlets becoming the lifeline of our nation at the time of crisis. Udaan is at the forefront of this uniquely Indian eCommerce prospect, emerging in the previous 4 years as a single of the major eCommerce platforms in India, when taking an India-1st cell-first strategy to eCommerce. This financing enables us to more our journey of getting eCommerce to the depth and breadth of the country, with Udaan’s special small-cost design for main middle India.”

The organization seems to use the added financing in get to expand B2B e-commerce sector and increase abilities to provide little and medium organizations and attain profitability.

Udaan, which features every little thing from customer goods to fruits and vegetables, has now raised $1.15 billion (around Rs. 8,400 crores) to date, the company reported.


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