Indian B2B marketplace Udaan raises $280m from Tencent, others

(From left to right) Amod Malviya, Vaibhav Gupta, Sujeet Kumar, co-founders, Udaan

Indian business-to-business e-commerce startup Udaan has raised $280 million, it said Wednesday, as it seeks to serve more mom-and-pop businesses that are buying products online in the wake of the COVID-19 pandemic.

Udaan said existing investors including Chinese tech giant Tencent, Lightspeed Venture Partners, DST Global, GGV Capital and Altimeter Capital participated in the fundraising, along with new investors – Octahedron Capital and Moonstone Capital.

The Bengaluru-based firm, founded in 2016, is now valued at more than $3 billion, a person familiar with the matter said.

A representative for Udaan declined to comment on its valuation.

“COVID-19 has accelerated the already fast digital-led evolution of highly fragmented and unorganized Indian trade/ retail industry,” Udaan co-founder Amod Malviya said.

Udaan, which offers everything from consumer goods to fruits and vegetables, has now raised $1.15 billion to date, the company said.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.