Udaan has raised $340 million from M&G Plc. According to sources, the company can turn profitable in the next year and a half. Udaan is a B2B platform providing trading, selling, and buying options on the platform with different products. This Indian company is competing with Walmart and Flipkart already, with its headquarters situated in Bengaluru, India. The company has progressed a lot starting from 2016. We will discuss Udaan India’s recent funding details and profits in the company.
Udaan India Raises $340 Million From M&G Plc And IPO Launch
Udaan India will raise around $340 million from M&G Plc. The funding was a series E round, including all debt and equity. Other investors include Lightspeed Venture Partners and DST Global. Uddan had some old debts as well that were converted to equity. The funding of $340 million was raised with a valuation of around $2 billion. Their valuation has fallen in the last and current series. It was $3.2 billion, which reduced to $2 billion.
The company is focused on growth and profitability at the moment. The growth was difficult earlier due to the lack of funds. According to recent reports, they have sufficient funds now. They expect the company to be profitable by next year’s end. Post achieving the target, they might introduce an IPO in 2025. For profitability, the company witnessed a lot of expense cutting. They operate with minimum staff and the people. Udaan removed the CTO and CBO as well. The funds will be used to strengthen the supply chain operations.
The company expects to file IPO Draft by December 2024. They have a wide variety of products, making it people’s favorite. Udaan deals in FMCG, Eatables, toys, electronics, and more. It will look up to build more vendor connections. The report mentions that the company produced a sale of $150 billion in the last decade. It is yet to become public. Several investors are looking at it with the funding options. The IPO preparation is going on massively inside Udaan.
Amod Malviya, Sujeet Kumar, and Vaibhav Gupta founded Udaan in 2016. Amod and Sujeet have a good work experience at Flipkart. They spent around five years with Flipkart before getting to the idea. The three of them belong to an engineering background. Udaan is already a unicorn e-commerce company. The only need is the profitability upon which the company is working. We hope you get enough details about Udaan’s new funding in the article.