Business-to-business (B2B) platform Udaan raised $585 million from Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital, and Citi Ventures, it stated. Existing investors Lightspeed Venture Partners and DST Global also contributed to the round. According to Vivek Durai, founder of business intelligence platform Paper, this takes the whole finances raised by using the e-commerce start-up to $870 million since 2016. Tencent led the Series D financing spherical by contributing more or less a quarter of the full enhances, giving the company a “put up-cash valuation in the range of $2.5 billion.
With this fundraise, Udaan will retain its long-term funding approach in constructing its platform.
Founded with former Flipkart executives Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, Udaan has operations in classes and way of life, electronics, home and kitchen, staples, result and vegetables, speedy-transferring purchaser goods, toys, and fashionable products.
Udaan stated it allows small manufacturers, farmers, mills, and types to promote their products across u. S. At low costs, with a hundred in line with cent price security and transparency. “Udaan’s unique technique ought to decorate the abilities of hundreds of thousands of retail shops,” said Martin Lau, president of Tencent.
The Indian marketplace has a wide range of small companies across manufacturing and trade, with over a hundred million farmers and 15 million small manufacturers, and above 30 million buyers, outlets, and service companies.
Mobile technology is allowing get entry to these agencies at unparalleled speed. Udaan said its marketplace has strategically centered on this trend, facilitating green and obvious transactions.
“Empowering millions of small businesses to procure and promote items correctly isn’t always only a huge commercial enterprise opportunity, but may also assist transform the economic system using offering net-scale productivity profits to traders, wholesalers, and manufacturers,” stated Brad Gerstner, founder and CEO of Altimeter Capital, and Ram Parameswaran, an associate at Altimeter Capital.