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India’s Udaan raises $585M to expand its B2B e-commerce platform

Udaan, a three-year-old business-to-business e-commerce platform in India, has raised more than half a billion dollars in a new financing round as it looks to bring more kirana stores, chemists and other small businesses online through its marketplace.
The startup said today it has raised $585 million in a Series D round from Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital and Citi Ventures. Existing investors Lightspeed Venture Partners, which wrote its first check to the startup back in 2016, and DST Global also invested in the round.
The new round valued the startup between $2.3 billion to $2.7 billion, a person familiar with the matter told TechCrunch. Co-founders of Udaan, which reached the unicorn status in the shortest period of time among Indian startups, declined to comment on the valuation.
Udaan operates an eponymous B2B marketplace where it connects buyers and sellers. The platform supports a wide-range of categories from lifestyle, electronics, home and kitchen, staples and toys, to fruits and vegetables.
Udaan also offers a credit line to provide working capital to buyers and sellers on its platform, thereby addressing one of the biggest challenges faced by small and micro businesses and merchants in the nation, said Vaibhav Gupta, a co-founder of Udaan, in an interview with TechCrunch.
The startup has amassed more than 3 million retailers from 900 cities and towns in India. Today, a wide range of merchants, including farmers, shopkeeper owners, restaurants, chemists and street vendors are connected to Udaan.
India’s Udaan raises $585M to expand its B2B e-commerce platform
From left-to-right: Amod-Malviya, Vaibhav Gupta and Sujeet Kumar, co-founders of Udaan
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