Indian business-to-business (B2B) e-commerce startup Udaan has raised $280 million, it said Wednesday, as it seeks to serve more mom-and-pop businesses that are buying products online in the wake of the Covid-19 pandemic.
Udaan said existing investors including Chinese tech giant Tencent, Lightspeed Venture Partners, DST Global, GGV Capital and Altimeter Capital participated in the fundraising, along with new investors — Octahedron Capital and Moonstone Capital.
The Bengaluru-based firm, founded in 2016, is now valued at more than $3 billion, a person familiar with the matter said.
A representative for Udaan declined to comment on its valuation.
“COVID-19 has accelerated the already fast digital-led evolution of highly fragmented and unorganised Indian trade/ retail industry,” Udaan co-founder Amod Malviya said.
Udaan, which offers everything from consumer goods to fruits and vegetables, has now raised $1.15 billion to date, the company said.
Udaan is a B2B e-commerce platform, designed to solve core trade problems for small, medium and large businesses across India. It is the largest such national distribution platform of its kind enabling retailers and businesses to source merchandise from manufacturers, brands, white labels, and importers on a single platform.