- Udaan – an India-based B2B trading platform company – has raised $300 million from AltimeterCapital, GGV Capital, DST Global, and Lightspeed
Udaan — an India-based B2B trading platform company — has raised $300 million from AltimeterCapital, GGV Capital, and existing investors DST Global and Lightspeed Venture Partners, according to regulatory filings discovered via Economic Times.
With this round of funding, Udaan is expected to be valued at $2.2 billion — which is nearly double from the previous funding round. Udaan had raised $225 million in September 2018 in a round led by DST Global and Lightspeed Venture Partners.
According to a regulatory disclosure made in Singapore, Trustroot Internet (the parent company of Udaan) had made share allotments to investors including Hillhouse Capital and Footpath Ventures.
But this round will likely extend to $500 million and China’s Tencent may come on board according to the Economic Times’ sources. “Tencent’s terms need to be further negotiated given the strategic nature of the investor,” said the source.
Udaan — which was founded by former top Flipkart executives Vaibhav Gupta, Amod Malviya and Sujeet Kumar — offers services like credit processing, logistics, sales, and distribution. And the company is believed to be hitting $1.2 billion in annual gross merchandise value.
