WHEN Udaan raised $50 MILLION FUNDS
Udaan, which is an Indian B2B online marketplace has, in their B series of investment has raised $50 million from Yuri Milner and by Lightspeed US. This is one of the largest single series B of investments in India. This series mainly saw participation from Lightspeed Venture Partners India along with investments from Russian investor Yuri Milner.
The company, Udaan, plans to use its funds to hire more on the management and technical side, to launch services like lending on various platforms and to add more sellers and buyers.
Talking about this B series of funding, Founder Sujeet Kumar, in a statement said, “We’ve raised this round because we have validation that our product is working. The market opportunity is huge.” He also added, “We also account for more than 15-20% of the business of many of the sellers on the platform. And our average repeat transactions are seven times a month. These metrics are big validation that there’s massive demand for our kind of end-to-end marketplace.”
Udaan, founded in 2016, by Vaibhav Gupta, Sujeet Kumar and Amod Malviya is an Indian B2B marketplace that builds connections between small retailers, wholesalers and traders. Udaan also provides for a platform that supports a wide-range of categories from electronics, staples and toys, lifestyle, home and kitchen appliances, to fruits and vegetables.
The CEO and founder of StartupLanes, Shishir Gupta says, “Already setting a bar with the largest series B investment, Udaan is definitely aiming for the starts. With hard-working and dedicated people like Sujeet, and the newly arrived funds, Udaan will improve in its performance taking big leaps. I wish Sujeet all the best for the journey of Udaan ahead.”
With such huge investments brought in by b2b online marketplace, Udaan, inspires many start-ups of various scales and kinds.