Udaan valuation touches $2.8 billion with $585 Million Series D funding
By MYBRANDBOOK
Online B2B marketplaces is now talk of agenda of the corporates when they want to address the enterprise segments. As the focus of the promoters towards their agenda is very much clear, now they are able to raise $585 million from investors like Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital and Citi Ventures caught investors participated in the series D round.
Udaan, a three-year-old business-to-business e-commerce platform in India, has attracts to bring more kirana stores ,chemists and other small businesses online through its marketplace, gradually they have entered to other sectors including lifestyle, electronics, home and kitchen, staples, fruits and vegetables, FMCG, toys and general merchandise. Its clients are manufacturers and business owners like shopkeepers. It has a network of 3 million retailers in 900 cities, who are connected to 20,000 sellers across the country.
An expert says, the mode of business of Udaan is called catch 11, serve the industry and mass as per the need of the population and the way business sentiment works. The fact is everyone wants margin/profit, from whatever the means. The biggest issue in this type of business is managing the supply chain and strong technology back-up and credit policy.
Going forward, the midsize businesses are increasingly turning to the internet to interact with a wide range of suppliers, allowing for better price discovery and lowering their purchasing expenses.
In September 2018, udaan became one of the fastest Indian startups to reach unicorn status with a valuation of $1 billion and positioned as the biggest single funding round raised by a B2B platform in India.
With the latest funding, udaan will invest in further building its platform.
“We are building udaan as a trusted partner for small businesses across the country, to empower these entrepreneurs with technology, financial inclusivity, and supply chain capabilities to compete and win in an increasingly tech and digital world,” said a statement by its co-founders Amod-Malviya, Vaibhav Gupta and Sujeet Kumar.
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