Business-to-business (B2B) ecommerce platform Udaan has raised $250 million, as it prepares to accelerate and strengthen capabilities to serve its customers better.
Udaan chief financial officer Aditya Pande in an internal email to employees said that the start-up has raised $200 million in convertible note and $50 million in debt, IANS reported.
Udaan has invested more than Rs 4,000 crore in the past 12-18 months across different pillars of business.
Founded in 2016 and headquartered in Bengaluru, Udaan currently has a network of over three million registered users and 25-30,000 sellers across more than 900 cities in the country.
In the calendar year 2021, Udaan raised $500 million, taking its total raise to $1.4 billion to date.
A convertible note is an instrument typically used by companies at pre-IPO stage, and the instrument converts into equity at the IPO.
Udaan plans to scale its warehouse capacity to 50 million square feet across the country in the next seven-eight years.
