Indian business-to-business (B2B) marketplace Udaan has raised $75 million as part of its Series G funding round, per media reports.
The round, which valued Udaan at a flat $1.8 billion valuation, was led by London-based global investment manager M&G Plc, along with participation from existing investors including Lightspeed Venture Partners.
According to a report in the Economic Times, the company is in advanced discussions to raise an additional $25 million in the coming quarter.
Udaan plans to use the funds to further enhance customer experience, deepen market penetration, strengthen strategic vendor partnerships, and bolster long-term capabilities in supply chain and credit, the reports said.
Bengaluru-based Udaan last raised Rs 300 crore ($35.7 million) in debt financing from investors including Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital in October 2024. Prior to that, it had secured $340-million in a Series E round in December 2023, which was led by M&G and consisted of a mix of equity and convertible notes.
The startup was valued at $3.2 billion following a funding round in January 2021. However, in January this year, Udaan’s valuation fell nearly half to around $1.8 billion in a down round.
Established in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, Udaan enables traders, wholesalers, retailers, and manufacturers to come together on a platform to find clients, suppliers, and products through UdaanExpress.
The company works with over 25,000 sellers and 30 lakh retailers across categories like medicines, lifestyle and general merchandise, electronics, and FMCG goods. It is currently available across 900 cities in the country.
