B2B ecommerce firm Udaan bags USD 280 million in Series D funding
Category: #technology  By Akshay Kedari  Date: 2021-01-08
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B2B ecommerce firm Udaan bags USD 280 million in Series D funding

In the recent Series D funding round, Indian B2B online trade startup Udaan, reportedly raised USD 280 million from a group of investors, thereby taking the company’s net worth up to USD 3 billion.

Sources familiar with the event cited that the funding round was joined by new investors Moonstone Capital, and Octahedron Capital, while the prevailing investors included Tencent, Altimeter Capital, GGV Capital, DST Global, and Lightspeed Venture Partners.

It is worth noting that Udaan had accrued a mighty sum of USD 550 million in the previous fund-raiser in October 2019, appraising the e-commerce firm at USD 2.8 billion.

Industry experts claimed that the B2B segment of the FMCG & e-grocery market is poised to gain substantial traction in the ensuing years, attributable to the vendor’s emphasis on expanding their foothold by leveraging 12 million kiranas. It is also speculated that grocery will be the fastest-growing e-commerce vertical in the forthcoming 5-10 years.

Experts further estimate that the grocery e-tail industry is reckoned to grow with a CAGR of 25-50% over the coming years. Considering a y-o-y growth rate of 50% over 2020-25, the industry size will surpass USD 23 billion by the year 2025.

For the uninitiated, Udaan is a business-to-business e-commerce platform for manufactures, traders, wholesalers, and retailers to do business. It is designed to solve the core trade issues of small and medium firms in India and aims to empower the users technologically.

Udaan’s platform helps more than two million street vendors, shopkeepers, offices, chemists, restaurants, and kiranas to source supplies from an expanding network of 25,000 farmers and small manufacturers. Having over 3 million users across 900 cities, Udaan sells everyday entities including electronics, apparel, packaged foods, and perishables.

For the record, Udaan has now raised USD 1.15 billion in total in its 4 rounds of funding.

Source Credits –

https://www.financialexpress.com/industry/udaan-adds-fresh-280-m-to-kitty-valued-at-3-bn/2165947/

 

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Akshay Kedari    

Akshay Kedari

Akshay holds a Bachelor’s degree in computer engineering. Despite having a penchant for software development and the like, Akshay took to writing as a career owing to his passion for the field. Presently, Akshay writes articles for itresearchbrief.com and a few oth...

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