The CEO and co-founder of B2B e-commerce major Udaan, Vaibhav Gupta, announced that the company has raised US $ 75 million in a Series G equity fundraising round.
The major investors in Udaan, Lightspeed and M&G Prudential, spearheaded the fundraising. In addition, Gupta stated during the town hall that the company hopes to raise an additional US $ 25 million in the upcoming quarter.
Investors such as Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital contributed US $ 34.51 million (Rs 300 crore) to Udaan’s debt in October. Under the leadership of M&G Prudential, the company raised US $ 340 million in 2023.
The funding coincides with the Bengaluru-based company’s efforts to improve operations and fortify its balance sheet as it concentrates on profitability.
The company was granted NCLT approval last month to combine its different business units, such as its technological platform, logistics and distribution services, and wholesale trade, into a single entity called Hiveloop Ecommerce.
With losses down to US $ 192.6 million (Rs 1674 crore), Udaan ended FY24 with a flat revenue of US $ 655.72 million (Rs 5,700 crore).
