NEW DELHI, Oct 28:
Online business-to-business platform udaan on Monday said it has closed a debt-financing round of about Rs 300 crore from Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital.
The fund houses have collectively invested approximately Rs 300 crore in udaan during the current financial year, a company statement said, adding that the funds will be used to strengthen its position as the preferred partner for kirana stores and small businesses across the country.
The unicorn said it will use the fresh capital to expand its geographical footprint through its ‘Micro-Market strategy’, optimise operations, enhance Go-to-Market (GTM) capabilities, streamline supply chain processes, and open new micro-fulfilment centres.
“By prioritising both operational excellence and long-term profitability, udaan aims to reinforce its leadership in the eB2B space and strengthen its position as the preferred partner for kirana stores and small businesses across Bharat,” the statement said.
The latest round of debt funding is an endorsement of the consistent quarter-on-quarter growth achieved by the company over the last ten quarters, Kiran Thadimarri, Senior Vice President, Group Finance, udaan, said.
“This funding will further strengthen our financial position, providing the flexibility to double down on key strategic initiatives such as expanding our Cluster model to drive operational excellence enabling us to continue on our path to profitability while solidifying our market position,” he said.
This fundraiser follows udaan’s USD 340 million Series E financing round in December 2023. (PTI)
Follow our WhatsApp channel
