[Funding alert] B2B ecommerce startup Udaan raises Rs 34.4 Cr from Singapore parent
Founded in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, the company has attracted an estimated Rs 600 crore from Trustroot so far.Sujata Sangwan
Bengaluru-based B2B online marketplace Udaan, which is owned and operated by Hiveloop Technology, has raised another Rs 34.42 crore from its Singapore-based parent Trustroot Internet, according to RoC filings accessed by YourStory.
As per the filings, Trustroot has been allotted 50,114 Series D compulsorily convertible participative preference shares (CCPPS) on July 5, each at a premium of Rs 6,860.33 per share.
In May 2019, Udaan received Rs 139.5 crore from Trustroot.
Founded in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, the ecommerce company has attracted an estimated Rs 600 crore from Trustroot so far, including Rs 34.42 crore in July, 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.
In September 2018, Udaan became the fastest Indian startup to reach the unicorn status in merely 26 months of registration. It raised its Series C round of $225 million (Rs 1,575 crore) from Russian internet billionaire Yuri Milner’s DST Global and Lightspeed Global Growth, at a valuation of $1 billion.
The company connects manufacturers and wholesalers with retailers online, and also supports payments and logistics. It has more than 150,000 buyers and sellers from 29 states on its platform.
In the B2B ecommerce segment, it competes with the likes of Bizongo, Moglix, Power2SME, OfBusiness, and Just Buy Live among others.
Recently, Indore-based B2B ecommerce platform ShopKirana also achieved a unique milestone of generating more than Rs 1 crore from 4,000 users, all from its home city, in its 12-hour-long flash sale. B2B player ShopKirana, which gives no discounts, added that about 50 percent sales (out of the Rs 1 crore) came from farm products.
The startup expanded to Jaipur and Bhopal earlier this year, and currently has more than 12,000 retailers on its platform. It also aims to expand to 30 cities and on-board one lakh retailers in the next 18-24 months.
(Edited by Megha Reddy)