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Udaan raises $120mn in funding via convertible notes

Udaan

B2B e-commerce start-up Udaan has secured fresh funding worth $120 million through a convertible note from existing investors and bondholders.

In the next 12 to 18 months, the company aims to go public, according to an internal corporate memo. The company has raised over $350 million in the past four quarters, making it one of the largest structured instrument fundraises in the nation.

Lightspeed Venture Partners, Microsoft, Kaiser Permanente, M&G Prudential, Nomura, Arena Investors, TOR, Samena Capital, and Ishana Capital are a few of the current investors in B2B e-commerce company Udaan. In its most recent investment round, Udaan received $280 million from both old and new investors in the first month of the previous year, valued at $3.1 billion.

Udaan is one of the top-funded companies among Indian startups in the past few years.

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