Udaan plans to use the funding to prepare for an IPO. Here are the top-line bullets you need to know.
Udaan, a B2B e-commerce platform, has raised $200M in convertible notes from Arena Investors and Tor Investment Management, among some undisclosed investors. It has also drawn $50M in debt funding from undisclosed investors.
HOW’S THE COMPANY PERFORMING?
- India-based Udaan connects retailers, wholesalers, manufacturers, and traders to facilitate the purchase of goods and provide access to working capital.
- The platform caters to 3M users, 2M retailers, and 30K sellers, and it offers 500,000 products across 1K cities and towns. It oversees 4.5M transactions each month.
- The company’s product catalog covers fast-moving consumer goods (FMCG), pharmaceuticals, electronics, and food, among other categories. It has partnered with brands such as Prestige, Milton, Boat Lifestyle, Micromax, HP, Coca-Cola, PepsiCo, and P&G.
- Udaan is headquartered in Bengaluru and maintains offices across several cities in India.
WHY DOES THE MARKET MATTER?
- The global B2B e-commerce market is expected to reach a value of $25.65T by 2028, growing at a CAGR of 18.7%, according to Grand View Research.
- Several vendors have adopted digital transformation initiatives to ensure smooth operations, which has increased the demand for technologies to help manage online shopping operations, payments processing, and more.
- The onset of the Covid-19 pandemic and subsequent rise in online purchase volume have also contributed to market growth.