B2B Online Marketplace Udaan Raises Rs 139 Crore From Singapore-Based Parent
B2B online marketplace Udaan has raised Rs. 139 Crore from its Singapore-based parent Trustroot Internet Pte.
Udaan has become the first startup to reach unicorn status only in 26 months of its registration.
Udaan has more than 150,000 buyers and sellers from 29 states on its platform.
Hiveloop Technology, which operates and owns Bengaluru based B2B online marketplace Udaan, has received fresh funding of Rs. 139 Crore from its Singapore-based parent Trustroot Internet Pte. As per ROC Filings with MCA Trustroot has been allotted 205,616 Series D compulsorily convertible participative preference shares (CCPPS) on May 6, each at a premium of Rs 6,774.49 per share.
It has attained the status of the first startup to reach unicorn status only in only 26 months of registration. In September 2018 startup closed its series C funding round by raising $ 225 Million from Lightspeed Global Growth and Russian internet billionaire Yuri Milner’s DST Global. Post this round valuation of the company has risen to $1 Billion. The startup has gained a total of Rs. 1,600 Crore capital till now. Soon after its series C funding round company has raised Rs 565 crore from Trustroot, including Rs 143.5 crore in 2018, Rs 142.1 crore in January and 139.9 crores in March.
Udaan came into action in 2016 by former Flipkart employees Sujeet Kumar, Amod Malviya, and Vaibhav Gupta. It connects manufacturers and wholesalers with retailers online and also supports logistics and payments.
The e-commerce startup has more than 150,000 buyers and sellers from 29 states on its platform. Competitive players in B2B E-commerce include Power2SME, OfBusiness, Moglix, Just Buy Live, Bizongo, and several others. In fiscal 2018, its total expenses were Rs 66 crore. The company reported revenue of Rs 65 crore for the fiscal with loss of Rs. 59.5 crores.
Gurgaon-based B2B retail startup GramFactory has raised $1 million in a funding round led by Singapore-based venture fund BEENEXT. All companies in this domain are trying hard to lead in the marketplace.
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