Hiveloop technologies, which owns a Business to Business eCommerce platform Udaan, has now secured around $30 million from its Singapore based parent entity TrustRoot Internet, said the announcement.
The latest round is the parent company’s largest investment so far.
Udaan approved a special resolution to allot 243161 Class A equity shares of INR 8848.4/share to TrustRoot Internet, according to the report.
Last month, Udaan revealed that its valuation had reached INR 53365.4 crore based on the projected cash flows and upcoming equity infusions.
The latest investment is likely part of the resolution to secure INR 365 crore in an internal infusion from its Singapore based parent.
Founded by the former Flipkart executives Vaibhav Gupta, Sujeet Kumar, and Amod Malviya in 2016, Udaan offers a range of products on its marketplace such as electronics, lifestyle, FMCG, kitchen, home appliances, among others.
