Udaan onboards 5 new traders to boost $250 mn

Ahead of its deliberate public providing, business-to-business (B2B) e-commerce platform Udaan has raised $250 million of which $200 million has been raised by way of a convertible be aware and $50 million by way of debt funding, based on an inner mail written by the corporate’s CFO Aditya Pande. The Indian Express has reviewed contents of this mail.
Pande wrote, “We are excited and glad to share that we have 5 new marquee investors coming onboard the Udaan juggernaut, as part of our recently concluded convertible note financing. This round was oversubscribed 2x and also saw participation from our existing investors, including those who bought into the company through the secondary (ESOP) round in H1 2021.”
Among its traders, Udaan counts Lightspeed Venture Partners, Tencent, DST Global, GGV Capital, and so on, and sources knowledgeable that the most recent spherical of debt financing by way of convertible notes noticed participation from new traders resembling Tor Investment, Arena Investors and M&G Investments.
A convertible be aware is a debt instrument that’s sometimes issued by an organization at its pre-IPO stage and will be transformed into fairness at a later stage, when the corporate goes public. “This reflects our “broadening the capitalization strategy” as we architect our journey for public markets and thereafter. With this convertible providing, we, as an organization, have began constructing an entire new muscle in our finance operate — which we’ll proceed to strengthen as we go ahead,” Pande wrote in his mail.

An Udaan spokesperson didn’t reply to request for feedback on the story. The Bengaluru-based firm, which was based by former Flipkart staff, plans to launch its IPO over the subsequent 18-24 months. Including the most recent fundraise, the corporate has raised a complete of $1.4 billion because it was based in 2016.