[Funding alert] B2B ecommerce startup Udaan raises Rs 139 Cr from Singapore-based parent
Ecommerce company Udaan has raised fresh funding of Rs 139.5 crore from its Singapore-based parent Trustroot Internet Pte. Of the total Rs 1,600 crore it has raised so far, an estimated Rs 565 crore has come from Trustroot.
Bengaluru-based B2B online marketplace Udaan, which is owned and operated by Hiveloop Technology, has raised fresh funding of Rs 139.5 crore from its Singapore-based parent Trustroot Internet Pte, according to RoC filings accessed by YourStory.
As per the filings, Trustroot has been allotted 205,616 Series D compulsorily convertible participative preference shares (CCPPS) on May 6, each at a premium of Rs 6,774.49 per share.
In September 2018, the company had become the fastest Indian startup to reach unicorn status in merely 26 months of registration. It had secured $225 million (Rs 1,575 crore) in its Series C round from Russian internet billionaire Yuri Milner’s DST Global and Lightspeed Global Growth, at a valuation of $1 billion.
Founded in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, Udaan has attracted a total capital of Rs 1,600 crore till date. Out of it, the company has received an estimated Rs 565 crore from Trustroot, including Rs 139.9 crore in March, Rs 142.1 crore in January, and Rs 143.5 crore in 2018 soon after its Series C round.
Udaan connects manufacturers and wholesalers with retailers online, and also support payments and logistics. The ecommerce startup has more than 150,000 buyers and sellers from 29 states on its platform.
A few notable players in the B2B ecommerce segment are Bizongo, Moglix, Power2SME, OfBusiness, and Just Buy Live among others. According to media reports, Tiger Global Management is in talks to invest up to $80-90 million in Moglix. The industrial goods marketplace last raised a $23 million round in December, which was led by Accel Partners, Jungle Ventures, and IFC.
Just yesterday, Gurgaon-based B2B retail startup GramFactory raised $1 million in a funding round led by Singapore-based venture fund BEENEXT. GramFactory was founded in 2018 by Navneet Singh, who was previously the CEO of PepperTap, a hyperlocal service startup that had shut down operations in 2016. GramFactory is currently serving businesses in Delhi/NCR.