The Udaan logo.
Credit: Facebook/udaan.com
Bengaluru: Indian e-commerce firm Udaan will raise Rs 2,832 crore ($340 million) through a fresh issue of shares and conversion of debt, ahead of its planned stock market debut in 2025, the company said on Thursday.
The company, which caters to other businesses, plans to use the proceeds of this fundraise to strengthen its vendor partnerships and supply chain operations.
The fundraising was led by M&G Investments, a part of UK-based investment firm M&G, and Udaan's existing investors including Lightspeed Ventures and DST Global.
The Bengaluru-based company provides smaller businesses with supply chain and logistics services and enables daily delivery across more than 1,200 cities through its online distribution service, udaanExpress.
It competes with Walmart-backed Flipkart in this field.