B2B e-commerce platform Udaan is set to raise around $160 million through a mix of fresh equity, new debt, and debt-to-equity conversion, in a move aimed at strengthening its balance sheet and simplifying its capital structure.
As part of the transaction, existing shareholders and a new investor will provide fresh equity capital, while certain existing convertible bondholders will convert a portion of their outstanding debt into equity.
The remaining convertible debt will be extended under revised terms.
In addition, one of the world’s leading investment management firms has committed around $45 million through its private credit platform, providing fresh debt financing to the company.
The Bengaluru-based company said the transaction will simplify its capital structure, enhance financial flexibility, and strengthen its balance sheet while positioning it for a potential future public listing.
The deal remains subject to customary closing conditions and regulatory approvals.
The latest transaction comes just over a year after Udaan closed its $114-million Series G funding round in June 2025, led by M&G Investments and Lightspeed, with participation from both existing and new investors.
The development comes as a consortium of international lenders has initiated insolvency proceedings in Singapore against Trustroot Internet, the company’s Singapore-based holding entity, over a $170-million note default, DealStreetAsia reported earlier this month.
