Bengaluru, January 6, 2021: udaan, India’s largest business-to-business (b2b) eCommerce platform, today announced that it has raised USD 280 Mn in additional financing from its existing and new investors. The financing highlights the immense potential of the Indian b2b eCommerce market and market-fit of udaan’s business model to the Indian trade market. The existing investors of udaan - Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, and Tencent – participated in the funding exercise, in addition to two new investors - Octahedron Capital and Moonstone Capital. The additional financing exercise takes the overall fund raised by udaan till date to USD 1.15 Billion.
The additional funds will be deployed towards continued market creation of b2b eCommerce in India, reaching out to more and more small businesses across the country and bringing benefits of eCommerce to them. Some of the key areas of investment will be: continued expansion of selection of products and categories available on udaan, furthering user experience, enhancing technology platform, expanding our SME financing capabilities and reinforcement of the supply-chain infrastructure.
udaan is India’s largest b2b eCommerce platform with operations across categories including lifestyle, electronics, home & kitchen, staples, fruits and vegetables, FMCG, pharma, toys and general merchandise. udaan enables small manufacturers, farmers and brands to market and sell their products across the country. While doing so, it enables shopkeepers, kirana, restaurants, street vendors, chemists, offices, small factories, contractors etc. to source from a large selection of high- quality products at the best prices with the convenience of eCommerce.
Commenting on the development, Amod Malviya, Co-founder, udaan said “Covid-19 has accelerated the already fast digital-led evolution of highly fragmented and unorganized Indian trade/ retail industry. While at the same time, the pandemic also highlighted unique structure of Indian economy, with millions of kiranas and neighbourhood stores becoming the lifeline of our country at the time of crisis. udaan is at the forefront of this uniquely Indian eCommerce opportunity, emerging in the last 4 years as one of the largest eCommerce platforms in India, while taking an India-first mobile-first approach to eCommerce. This financing enables us to further our journey of taking eCommerce to the depth and breadth of the country, with udaan’s unique low-cost model for core middle India.”
“Participation of existing and new investors in this financing highlights the increasing recognition of capital markets of this unique nature of the Indian market, and the opportunity it offers. It also reflects the long-term truly transformative and fundamental value creation potential that udaan platform offers for the lives and businesses of Indian MSMEs, who are major job creators and form the backbone of our economy and the society.” added Amod.
Indian market has a large number of small and medium businesses across both manufacturing and trade (100M+ farmers, 15M+ small manufacturers, and 30M+ traders, retailers and service businesses). Mobile technology is enabling access for these businesses at an unprecedented speed. It is creating a unique opportunity to leverage the internet to bring scale and professionalization to both supply and trading eCommerce, that is native-fit for the Indian market. udaan’s marketplace has strategically focused on this trend, facilitating efficient, transparent and convenient transactions by enabling low and best price, highest quality and widest selection to its network of over 3 million users in 900 cities by connecting them to over 25,000 sellers across the country.
The platform offers best price, highest quality and widest selection of products to its network of retailers by connecting them to sellers, brands and manufacturers across the country. The platform’s SaaS offerings such as analysis of real time marketing feedback through app data analytics enables brands and manufacturers to make well-informed decisions about product launches and testing of new products in different markets. While the app-based pricing system gives better pricing control, the product listing advertisements and in-app advertisements encourages manufacturers to reach their targeted, specific, and ready-to-purchase retailers on the platform.
udaan is a one stop solution for all business requirements in the b2b space. It has built inclusive tech tools for Bharat, specially catering to the needs of brands, retailers & manufacturers providing them a level playing field to scale, trade and grow business.
Founded in 2016, udaan is India’s largest b2b eCommerce platform. It has operations across categories including lifestyle, electronics, home & kitchen, staples, fruits and vegetables, FMCG, pharma, toys and general merchandise. The platform has enabled logistics focused on b2b trade built on strong technology and operations for fulfilment and delivery service through udaanExpress. udaanCapital, focused on SME financing services, provides financial products for sellers and buyers to grow their business.
udaan is headquartered in Bangalore with offices in all leading metros and major cities across India.
For further information, please contact:
Raza Khan, +91-9871391881, [email protected]
Meghana Bangalore, +91-9819120245, 8850928411, [email protected]