The Bengaluru-based online B2B marketplace, Udaan has now raised an amount of Rs 1,590 crores from some of the existing investors which include the DST Global and Lightspeed Venture Partners. The latest funding has made the valuation of Udaan to cross the $1 billion
Udaan becomes the fastest Indian startup to join the unicorn club in a very short time period. In the month of February, the startup had raised $50 million in series B funding which was also led by US-based Lightspeed Venture Partners, along with the participation from Lightspeed India Partners and Apoletto Asia, a personal investment vehicle of
The startup also raised $10 million in series A funding from Lightspeed Venture Partners in November 2016.
Udaan was founded by three former executives of Flipkart, Sujeet Kumar, Vaibhav Gupta, and Amod Malviya in the year 2016. It provides a network-centric B2B trade platform which helps to connect small and medium businesses, manufacturers, traders, wholesalers, and retailers.
The startup also offers products in various categories which include fashion accessories, appliances, mobiles, computers, and Food & FMCG. The startup claims to have more than 1,50,000 buyers and sellers from across the country on its platform.
Other players in the B2B space which is competing with Udaan include Nandan Nilekani which is backed e-commerce startup ShopX, OfBusiness, among many others.
Picture Credits: Udaan