Business-to-business (B2B) marketplace Udaan, backed by investors such as Lightspeed India Partners and GGV Capital, has secured $120 million in convertible notes and debt, the company’s chief financial officer Aditya Pande told employees in an internal mail.
The round has been led by the startup’s existing shareholders and bondholders.
Following the current fundraising, Udaan now aims to make its public market debut over the next 12-18 months, the email further stated.
With this round, the total capital raised by Udaan by way of convertible notes and debt over the past four quarters has crossed $350 million.
“Despite the funding-related challenges being experienced by the larger start-up ecosystem, this fundraise reflects the confidence of investors in our business model and their endorsement of the journey to unit economics, driven by great progress in the evolution of our business model and cost efficiency, that we initiated last year,” Pande said over email.
Earlier this year, in January, the company had made headlines when it raised $250 million – of which as much as $200 million came in as convertible notes or short-term debt that can later be converted into equity. The remaining $50 million came in as debt.
Udaan, established in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, enables traders, wholesalers, retailers, and manufacturers to come together on a platform to find clients, suppliers, and products across categories.
It also counts Microsoft, Nomura, Samena Capital, DST Global, GGV Capital, Altimeter Capital and Tencent among its investors.
In terms of equity funding, the company raised as much as $280 million in January last year and has so far secured over $1.5 billion in equity and debt.