Ecommerce platform Udaan has picked up USD 585 million in the latest funding round at a valuation of USD 2.8 billion.
Tencent, Altimeter Capital, Hillhouse Capital, GGV Capital, Footpath Ventures, Citi Ventures, Lightspeed Venture Partners and DST Global have participated in the round.
The Bengaluru-based company became a Unicorn when it raised USD 225 million in September 2018.
Founded by former top Flipkart executives Vaibhav Gupta, Amod Malviya and Sujeet Kumar, Udaan has 3 million retailers across 900 cities.
“We will continue to focus on growing the marketplace — adding more buyers, sellers, bringing in more categories on the platform and investing a lot around building capabilities in fulfillment, delivery, lending, marketing, category management, and core technology. We believe you cannot solve trade for SMEs without thinking holistically about supply chain, lending, and payments,” cofounder Gupta told Economic Times.
Udaan did 5 million orders last month.
“Empowering…small businesses to more effectively procure and sell goods is not only a massive business opportunity, but will help transform the economy by providing internet-scale productivity gains to merchants, wholesalers, and manufacturers,” said Brad Gerstner, founder and CEO of Altimeter Capital.
Udaan is a network centric B2B trade platform, designed specifically for small and medium businesses in India. The app helps discover customers, suppliers and products across numerous categories and helps connect directly with parties of interest and discuss trade. The users can also buy and sell with secure payments and logistic.
“Udaan represents a powerful example of how technology can empower the business of small merchants, improve the efficiency of industries and bring benefits to consumers,” said Martin Lau, president of Tencent. Udaan competes with the likes of Zoomtail Technologies, BigTrade, and IndiaMART.