Udaan Raises Funding Again!
B2B E-Commerce Udaan has raised around $585 million in a fresh round of funding that takes the company’s funding to a valuation of around $870 million. The fresh funding comes from Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital and Citi Ventures. The existing investors in this round are Lightspeed Venture Partners and DST Global.
Through this fund, Udaan plans to expand its marketplace in existing areas and also venture into new categories. Udaan also aims to invest in enhancing payments, fulfilment delivery and SME financing. These are considered to be the key aspects of the B2B e-commerce play.
In a press release Udaan said that Udaan is being built as a trusted partner in small businesses across the country, to empower entrepreneurs with technology, financial inclusivity, and supply chain capabilities, in order to compete and win in an increasingly tech and digital world.
Udaan was launched in the year 2016, by Flipkart senior executives Sujeet Kumar, Vaibhav Gupta, and Amod Malviya. Udaan connects small or medium-sized businesses, manufacturers, wholesalers, traders, and retailers to sell goods and services to each other.
Last year in 2018, Udaan became the fastest unicorn in the Indian startup ecosystem, but the record was broken this year Ola Electric. According to industry experts, the overall B2B ecommerce market size is expected to be around $700 billion by 2020. Some of the major players in this market are Moglix, Bizongo, OfBusiness, Power2SME, Just Buy Live and more.