India Digest: Udaan bags $20m; Tiger eyes Moglix, Upstox; Wooplr shuts; Adda247 in M&A

Photo: Unsplash

B2B marketplace Udaan has secured about $20 million from its parent Trustroot while Tiger Global is looking to invest in industrial goods marketplace Moglix, and online stock brokerage Upstox. In the M&A space, test preparation platform Adda247 has acquired YouTube channel Success Ease. Meanwhile, fashion discovery platform Wooplr Technologies Pvt. Ltd is reported to have shut operations.

Udaan gets funding from parent

Udaan, a B2B marketplace operated by Hiveloop Technology, has raised fresh funding of Rs 139.5 crore (about $20 million) from its Singapore-based parent Trustroot Internet, according to the company’s filings with the Registrar of Companies (RoC) sourced by paper.vc. Trustroot has subscribed to 205,616 Series D compulsorily convertible participative preference shares (CCPPS) of Udaan at a premium of Rs6,774.49 per share. In September 2018, the startup raised $225 million from Russian internet billionaire Yuri Milner’s DST Global and Lightspeed Global Growth.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter