Business-to-business (B2B) e-commerce platform, Udaan has recently received a fresh funding round of Rs. 139.5 crore from its Singapore-based parent, Trustroot Pte as per RoC filings.
Founded in 2016 by Amod Malviya, Sujeet Kumar and Vaibhav Gupta, all former employees of Flipkart, Udaan intends to make doing business easy in India and B2B commerce as convenient and efficient as B2C. Therefore, ‘B2B becomes the new and efficient B2C’.
Today, India has more than 50 million SMBs who create the core of Indian economy and society. They are majorly the entrepreneurial minds of India and platforms like these become the facilitators.
As per filings, Trustroot has been allotted 50,114 Series D compulsorily convertible participative preference shares (CCPPS) on July 5, each at a premium of Rs 6,860.33 per share. Preference shares will give a priority to the funding company over the equity share holders of the company. It was just 2 months back in May 2019, when Udaan had received RS. 139.5 crore from Trustroot.
Udaan has recorded a total of RS 1600 crore capital till date. Out of which, the company has received an estimate of Rs 565 crore from Trustroot, including Rs 139.9 crore in March, Rs 142.1 crore in January, and Rs 143.5 crore in 2018 soon after its Series C round.
It connects manufacturers and wholesalers with the retailers online, supporting payments and logistics. It records 29 states and 15,000 buyers and sellers on its platform.
In the B2B segment, Bizongo, Moglix, Power2SME, Just Buy Live and OfBusiness are some of its major competitors.
In September last year, the company had become the fastest Indian startup to reach unicorn stage in merely 26 months of registration. Russian internet billionaire Yuri Milner’s DST Global and Lightspeed Global Growth, invested $225 billion in its Series C round at a valuation of $1 billion.
B2B has of late, become the new hitshot for the entrepreneurs to dig in and make the most out of, and with fresh funding being pumped into the various players in the segment, it is bound to grow at a steady pace moving forward.