India’s B2B marketplace Udaan raises $340 million
Udaan, a Bangalore-based B2B marketplace used by more than 25,000 sellers and over 3 million retailers sourcing goods ranging from fruits and vegetables to apparel and electronics, has raised $340 million in funding to drive further growth.
The company said this week it will use the funding to strengthen customer experience and market penetration, forge strategic vendor partnerships, and reinforce supply-chain and credit capabilities.
The Series E financing round was led by London-based global investment manager M&G Plc. with the participation of existing investors Lightspeed and DST Global. This latest round brings Udaan’s total funding to $2 billion, according to Crunchbase.
Vaibhav Gupta, Udaan’s CEO, says the recent funding will help his company prepare for an initial public offering of stock in the next 12-18 months, it strengthens their balance sheet and fully funds their business plan.
Gupta co-founded Udaan in 2016 with Amod Malviya and Sujeeta Kumar. All three are former executives of India-based online marketplace company Flipkart.
Redseer Strategy Consultants, an India-based research and consulting firm, has noted that Udaan is the most well-known and preferred B2B marketplace platform by retailers looking to purchase goods online from suppliers.
Redseer projects India’s total B2B ecommerce will reach total gross merchandise value of between $90 billion and $100 billion by 2030.
Other research foresees far more growth. Bessemer Venture Partners, for example, predicts that, by 2030, B2B ecommerce in India will reach $200 billion.
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