Udaan raises a whopping $585 million to hit a valuation of $2.8 billion

• udaan has raised $585 million from investors like Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital and Citi Ventures.
• udaan’s valuation soars to $2.8 billion with a total funding of $870 million.
• The B2B e-commerce startup is one of the fastest Indian startups to reach unicorn status (have a valuation of $1 billion).

Indian B2B e-commerce platform udaan has raised a whopping $585 million from Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital and Citi Ventures.

The startup’s existing investors Lightspeed Venture Partners and DST Global too participated in the series D round.

With the latest funding, udaan’s valuation soars to $2.8 billion with a total funding of $870 million. In September 2018, udaan became one of the fastest Indian startups to reach unicorn status with a valuation of $1 billion.

According to reports, this is the biggest single funding round raised by a B2B platform in India.

Udaan works as a marketplace for products across lifestyle, electronics, home and kitchen, staples, fruits and vegetables, FMCG, toys and general merchandise. Its clients are manufacturers and business owners like shopkeepers. It has a network of 3 million retailers in 900 cities, who are connected to 20,000 sellers across the country.

With the latest funding, udaan will invest in further building its platform.

“We are building udaan as a trusted partner for small businesses across the country, to empower these entrepreneurs with technology, financial inclusivity, and supply chain capabilities to compete and win in an increasingly tech and digital world,” said a statement by its co-founders Amod-Malviya, Vaibhav Gupta and Sujeet Kumar.