Udaan raises $585Mn in a Series D investment round led by Tencent
Category: #business  By Mateen Dalal  Date: 2019-10-04
  • share
  • Twitter
  • Facebook
  • LinkedIn

Udaan raises $585Mn in a Series D investment round led by Tencent

India’s unicorn startup club has been inducting new members to its ranks at an unprecedented rate over the past couple of years. Recently, unicorns, private startups valued at US$1 billion or more, have been emerging into the market through their respective investment rounds, with investor support.

The latest enterprise to join the coveted unicorn club is Udaan, an Indian network-centric business-to-business (B2B) trade platform, after it raised over $585 million in a Series D investment round, one of the year’s biggest late-stage rounds, valuing the Bangalore-based startup at approximately $2.8 billion.

The investment round was led by Tencent, Hillhouse Capital, Citi Ventures, Altimeter Capital, Footpath Ventures and GGV Capital with participation from existing investors; DST Global and Lightspeed Venture Partners.

According to reports, the company plans to utilize the newly raised funds to further consolidate and deepen its business presence throughout India and also integrate new product categories across its product portfolio.

Udaan co-founder, Vaibhav Gupta stated that the company would continue to focus on expanding its marketplace; integrating more sellers and attracting more buyers to the platform, introducing more categories to the catalog and investing on enhancing capabilities in delivery, fulfilment, marketing, lending, core technology and category management.

In 2018, the company raised over $225 million in a round led by Lightspeed Venture Partners as well as DST Global, making Udaan one of the fastest companies to attain a Unicorn status.

Today, the startup is estimated to rake in approximately $2 billion in yearly gross merchandise value. Udaan also completed over five million product orders last month.

After it received its NBFC license, the startup began lending in November on its platform, particularly on the premise that small-scale grocery stores have been restricted and relegated to their local wholesale market landscapes because of their inability at getting credit from somewhere else.

The President of Tencent, Martin Lau stated that Udaan is a powerful example of the way technologies can help small-scale businesses and empower merchants while simultaneously bringing benefits to end-customers and improving the efficiencies across industries.

B2B e-commerce companies have been receiving strong investor interest over the past couple of months. Recently, Ninjacart, India's biggest business-to-business fresh produce supply chain firm, received a $89.5 million investment from Tiger Global.

 

Source credit: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/udaan-valuation-soars-to-2-8-billion-post-585-mn-funding/articleshow/71416118.cms

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More

More News By Mateen Dalal

AstraZeneca to present results of Farxiga’s DAPA-CKD trial at ESC 2020
AstraZeneca to present results of Farxiga’s DAPA-CKD trial at ESC 2020
By Mateen Dalal

According to reliable sources, British-Swedish multinational pharmaceutical company AstraZeneca plc will present the much awaited results of the Phase III DAPA-CKD trial of Farxiga in CKD (chronic kidney disease) at ESC Congress 2020. Sources with r...

FDA grants Emergency Use Authorization to Abbott’s COVID-19 antigen
FDA grants Emergency Use Authorization to Abbott’s COVID-19 antigen
By Mateen Dalal

Abbott Laboratories, a U.S.-based medical devices and healthcare firm, has reportedly received the Emergency Use Authorization (EUA) from the U.S. FDA (Food and Drug Administration) for the detecting COVID-19 virus with its portable antigen test Bina...

Hyundai Wia Corp. signs gun parts export contract with BAE Systems
Hyundai Wia Corp. signs gun parts export contract with BAE Systems
By Mateen Dalal

Hyundai Wia Corp., a South Korea-based defense firm, has reportedly signed gun parts export contract with BAE Systems plc of worth USD 100 million via a pre-value accumulation system. As per the agreement, Hyundai Wia will supply over 106 types of gu...