B2B e-commerce company Udaan has raised $120 million in convertible notes and loans, led by current shareholders and bondholders, during a funding crunch in the startup sector.
The e-commerce startup has now raised $300 million in debt and convertible notes, according to the email from the company’s chief financial officer, Aditya Pande.
Some of the figures Udaan has achieved, such as a 1,000-bps improvement in unit economics thanks to operational cost and gross margin efficiency.
Former Flipkart executives Sujeet Kumar, Amod Malviya, and Vaibhav Gupta created Udaan in 2016. Just two years later, in 2018, it attained unicorn status. For wholesalers, distributors, producers, and small retail store owners to conduct their daily business, Udaan is a one-stop shop. The Bengaluru-based startup asserts that its platform now spans 1,200 cities and has 3 million active users.
