Ecommerce Giant Udaan Raises $10 million in a round led by InnoVen Capital

• ByStartupStory     |    November 8, 2021

The B2B e-commerce platform Udaan has recently announced that it raised $10 million in a funding round led by debt venture firm Innoven Capital. The company has allotted 750 non-convertible debentures to Innoven Capital at a valuation of Rs. 75 crore.

This announcement comes 2 months after the e-commerce company raised Rs. 50 crores from a similar debt venture firm Blacksoil in multiple tranches. In the past month, Udaan received an approval from its shareholders to raise Rs. 2000 crores from debt financing by offering Non-Convertible Debentures within a period of one month.

Founded in 2016 by former Flipkart employees Sujeet Kumar, Vaibhav Gupta and Amod Malviya, Udaan is a B2B ecommerce platform which connects small and medium businesses, retailers, manufacturers and farmers to sell their produce at low cost with 100% payment surety. Udaan has a customer base of more than 3 million retailers, 25000 sellers and operators in about 900 cities across India. The platform also offers more than 5 lakh products ranging from the categories of lifestyle, food, footwear and toys.

The $3.1 billion valued company is also in talks to raise Rs. 4000 crore to fund its expansion as retailers and wholesalers continue to shift to varied e-commerce platforms.

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