Microsoft participates in Udaan’s debt funding round
- ByStartupStory | April 18, 2022
According to a statement written to staff by Aditya Pande, CFO of the business-to-business (B2B) ecommerce company, Microsoft Corporation has joined Udaan’s debt funding round of over $200 million. Udaan has now raised a total of $225 million in convertible notes.
“We’re pleased to announce that Microsoft Corporation has joined our convertible note offering, which began in October of last year.” In the convertible notes offering round, M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital, and Ishana Capital, among others, participated,” Pande told Udaan in an internal memo.
Investors will be able to convert their convertible notes into equity at a later date, possibly before the IPO. Udaan co founder and CEO Vaibhav Gupta said in February that the firm was on track to go public in May 2023.
In January, Tor Investment and Arena Investors as participants in the loan financing.
Udaan’s spokeswoman acknowledged the news, but declined to comment further on Microsoft’s investment.
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