New Delhi: Udaan, an online B2B platform, announced on Monday that it has completed a debt-financing round worth approximately Rs 300 crore from Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital. According to a statement by the company, the fund houses have invested around Rs 300 crore in udaan in the current financial year to enhance its position as the top choice for kirana stores and small businesses nationwide.
Udaan Secures Fresh Funding to Enhance Micro-Market Strategy and Fortify eB2B Leadership
The unicorn announced plans to utilize the new funding to grow its presence in different locations through its 'Micro-Market strategy', improve operations, strengthen Go-to-Market (GTM) abilities, simplify supply chain procedures, and launch new micro-fulfilment centers. The statement mentioned that udaan intends to enhance its leadership in the eB2B sector and solidify its role as the top choice for kirana stores and small businesses in Bharat by emphasizing operational excellence and long-term profitability.
Kiran Thadimarri, Senior Vice President, Group Finance at udaan, stated that the most recent debt funding round reflects the company's sustained quarter-on-quarter growth in the past ten quarters. He mentioned that this investment will enhance our financial status, giving us the opportunity to focus more on important strategic plans like developing our Cluster model to improve operations and uphold our market position, ultimately leading us to profitability. This fundraiser comes after udaan's Series E financing round of USD 340 million in December 2023.
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