B2B e-commerce platform Udaan has raised $75 million in a Series G equity funding round at a flat valuation, as announced by the company’s co-founder and CEO, Vaibhav Gupta, during a town hall today.
Sources assert that the company has been valued in the range of $1.5 to $1.8 billion in this round. As per Entrackr’s estimate, Udaan was valued at around $1.8 billion in the previous round when it raised $340 million led by M&G Plc with participation from Lightspeed, among others.
According to sources, Udaan plans to use the funds to uplift customer experience, expand market reach, strengthen strategic vendor partnerships, and beef up supply chain and credit infra.
ET, which reported the development first, added that an additional $25 million may come in the coming quarter.
Last month, Udaan received approval from the National Company Law Tribunal (NCLT) to merge its various business entities into a unified entity, Hiveloop Ecommerce Pvt Ltd. This consolidation marks a significant milestone in its journey toward becoming a publicly listed company.
In October 2024, Udaan secured Rs 300 crore (over $35 million) in debt funding from Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital. The company has raised around $1.9 billion in debt and equity funding to date.
Udaan’s gross revenue (GMV) grew only 1.7% to Rs 5,706.6 crore in the fiscal year ending March 2024 in contrast to Rs 5,609.3 crore booked in FY23. However, it managed to control its losses by 19.4% to Rs 1,674.1 crore in the same period.
