udaan funding

Since then, the company has expanded its operations to 900 cities. “Both the producers and the consumers are paid really low or too high. Brad Gerstner, Founder and CEO of Altimeter Capital, and Ram Parameswaran, Partner at Altimeter Capital, said: The platform is enabling this business to business (B2B) transaction, bringing together all participants onto a single platform - be it the wholesaler, distributor, producer, and the small retail shop owner. This includes agritech company NinjaCart, which saw an investment of $89.5 million from Tiger Global. Funding. 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The platform currently helps SMEs like small manufacturers, brands, mills, and farmers to sell their products across the country at a low cost. “Empowering tens of millions of 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," Brad Gerstner, founder and CEO of Altimeter Capital, said in the statement. Udaan, B2B ecommerce platform has raised $585 million funding led by Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital, and Citi Ventures. Udaan was started by Sujeet Kumar, Amod Malviya, and Vaibhav Gupta, formerly with Flipkart, who realised that technology could be the game changer and believe Udaan’s journey has just begun. Udaan is a B2B trade platform, designed specifically for small & medium businesses in India. With this fund raise, Udaan’s valuation is now believe to be $2.5 billion to $3 billion. Speaking of the fund raise, Vaibhav Gupta, Co-founder, Udaan said. Yet the organised sector is only 10 to 12 percent. Udaan founders: (from left) Vaibhav Gupta, Amod Malviya and Sujeet Kumar. Times Syndication Service. Copyright © 2020. NinjaCart connects farmers to retailers such as grocery stores, supermarkets and restaurants that buy fruits and vegetables. Register now! Udaan has been in funding talks with several investors over the past few months, including Japan’s SoftBank and New York-based hedge fund Tiger Global Management, but nothing materialized. Heavy Rains to Batter Maharashtra from Octobe... NCR's Air Quality Index Mounted to 'Very Poor... udaan’s valuation soars to $2.8 billion with a total. Join Mint channel in your Telegram and stay updated with the latest business news. It'll just take a moment. Udaan platform enables small businesses in India to finally benefit from the power of internet and technology. So far, it has been one of the few startups to achieve a private valuation of $1 billion in the shortest possible time. Udaan has raised $899.99 m in total funding. It was founded by former Flipkart executives Amod Malviya, Sujeet Kumar and Gupta. Udaan founders - Amod Malviya, Vaibhav Gupta, and Sujeet Kumar (L-R). #TechSparksFromHome. Online B2B marketplaces have caught investors’ fancy as small and midsize businesses are increasingly turning to the internet to interact with a wide range of suppliers, allowing for better price discovery and lowering their purchasing expenses. The round also saw participation from existing investors Lightspeed Venture Partners and DST Global. You are now subscribed to our newsletters. All rights reserved.For reprint rights. The last few months have seen strong investor interest in B2B e-commerce firms. Udaan, the fastest Indian startup to achieve unicorn status, The Series D round saw investments from both new and existing investors, Online B2B marketplaces have caught investors’ fancy as small and midsize businesses are increasingly turning to the internet to interact with a wide range of suppliers. “We are excited to continue partnering with Udaan’s team as they build the leading B2B trade platform across categories in India. udaan has raised $585 million from investors like Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital and Citi Ventures. With real insights into active trends, and great B2B trade features, Udaan brings to them the power of technology to scale & nurture their business. It represents a powerful example of how technology can empower the business of small merchants, improve the efficiency of industries and bring benefits to consumers.”. With this round of funding Udaan’s valuation is said to be $2.5 billion to $3 billion. It was incorporated in June 2016 and launched later that year. [WATCH] The making of India’s fastest unicorn Udaan: how this B2B online marketplace is fueling... 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In case you can’t find any email from our side, please check the spam folder. B2B ecommerce platform Udaan has raised close $585 Mn in the fresh round of fundings, taking the company’s total funding to $870 Mn. Udaan also enables these businesses like the kirana store owners, street vendors, pharmacists, small factories and contractors to source from a large selection of high-quality products at low prices. All this comes on a single app on the smartphone. Bengaluru: Udaan, the fastest Indian startup to achieve unicorn status, has raised $585 million in its latest round of funding, valuing the online business-to-business marketplace at $2.5-3 billion. Udaan has been in funding talks with several investors over the past few months, including Japan’s SoftBank and New York-based hedge fund Tiger Global Management, but nothing materialized. “The market opportunity is turning out to be much deeper than we envisioned when Lightspeed led the company’s Series A financing in 2016 and we’re excited to continue supporting the company while welcoming a strong syndicate of new investors,” said Bejul Somaia, Partner, Lightspeed Venture Partners. “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.". Explaining the depth and scale of the market, Sujeet said. While most firms in this space are vertical players, which means they focus on one specific category—say, fresh produce, industrial goods, or staples—Udaan is a horizontal player, offering products across categories. The company has been in the headlines for raising back to back funding rounds, jumping valuation and the expenditure versus revenue figures it reported in the last fiscal year. It brings traders, wholesalers, retailers and manufacturers in India on to a single platform. At the same time, by reducing supply chain complexity, Udaan is making products more accessible and affordable for consumers across the country,” said Saurabh Gupta, Managing Partner at DST Global. Udaan funding: Get all the Latest News, Pictures, Videos and Special Report about Udaan funding by Livemint. The Series D round saw investments from Tencent, Altimeter Capital, Footpath Ventures, Hillhouse, GGV Capital and Citi Ventures, the firm said on Wednesday. Founded in June 2016, Udaan began its operations a year later and achieved the coveted unicorn status in September last year. Times Internet Limited. Your session has expired, please login again. Udaan valuation is $2.7 b, and annual revenue was ₹16.90 m in Y 2017. The B2B marketplace plans to use the newly raised funds to deepen its presence across India and add new product categories. B2B e-commerce platform Udaan has received around $30 million from its Singapore-based parent entity Trustroot Internet Private Limited, making it the largest deployment from its holding company till date. Since 2016, Udaan has so far raised $870 million in funding. Get access to select LIVE keynotes and exhibits at TechSparks 2020. “Udaan’s unique approach can enhance the capabilities of millions of kirana stores across India," Martin Lau, president of Tencent said in the statement. Udaan’s logistics service, Udaan Express, delivers 65% of the company’s orders. The e-commerce platform is a pure-play horizontal marketplace on which wholesalers and manufacturers can sell their products to retailers. “We plan to get deeper into the food category this year and also explore adding other categories such as electricals, industrial equipment," Vaibhav Gupta, co-founder of Udaan, said in an interview. Focussed on horizontal B2B ecommerce, Udaan currently has operations across lifestyle, home and kitchen, staples, fruits and vegetables, FMCG, toys and general merchandise. However, the Udaan team believes this will soon change. Udaan became the fastest Indian startup to achieve a valuation of more than a billion dollars, when it raised $225 million from DST Global and Lightspeed last year. Sujeet believes that today the entire supply chain is highly inefficient whether from a logistics perspective or price discovery or other aspects.

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