Udaan, a prominent player in the B2B e-commerce space, has successfully secured $75 million in its Series G funding round. This announcement came from Vaibhav Gupta, the CEO and co-founder of the company, during a recent town hall meeting. The funding was primarily led by M&G Plc, with significant backing from existing investor Lightspeed Venture Partners. Gupta also shared that Udaan is in talks to raise an additional $25 million in the next quarter.
This latest funding round follows a substantial $340 million raised in December 2023, which valued Udaan at $1.8 billion—a notable decrease from its peak valuation of $3.2 billion in 2021. Despite these fluctuations, Udaan has raised approximately $1.9 billion in total equity and debt funding to date.
The fresh capital will be strategically utilized to enhance customer experiences, deepen market penetration, strengthen vendor partnerships, and improve supply chain capabilities. Udaan aims to bolster its operations as it prepares for a potential IPO slated for 2026.
Udaan received approval from the National Company Law Tribunal (NCLT) last month to merge its various business units into a single entity named Hiveloop Ecommerce Pvt Ltd. This consolidation is expected to streamline operations and enhance efficiency.
Financially, Udaan reported a slight revenue increase to ₹5,707 crore (approximately $655 million) for FY24, even as it worked through losses that decreased significantly to ₹657.8 crore (around $192.6 million) from the previous year.
Founded in 2016, Udaan operates across various sectors including FMCG, electronics, and pharmaceuticals, and claims a substantial market share within India’s e-commerce landscape. The company continues to focus on leveraging technology for supply chain and logistics improvements as it looks ahead to future growth opportunities.