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Existing investors to lead $500 mn round in Udaan at $2.2 bn valuation: Report
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Bengaluru-based Hiveloop Technology, which owns business (B2B) trade platform Udaan, is close to raising around $500 million (Rs 3,443 crore at current exchange rate) in fresh capital, The Economic Times reported
The company’s valuation will double from its previous round to $2.2 billion, post the new funding round, the report added.
Lightspeed Venture Partners and Yuri Milner’s DST Global, the existing investors of Udaan, are leading the financing round.
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New investors may include Hillhouse Capital and Altimeter Capital, the report added.
Lightspeed Venture Partners was the first to invest in Udaan in 2016.
Udaan was founded in 2016 by former top Flipkart executives Amod Malviya, Sujeet Kumar and Vaibhav Gupta. Udaan is an e-marketplace designed for retailers, small and medium-sized wholesalers and traders.
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Udaan has started underwriting loans for small businesses after it received a non-banking financial company (NBFC) licence last month.
The company is in talks with other investors including Naspers, SoftBank Vision Fund, Tiger Global and Sequoia Capital, to raise more funds, the report added. It has been burning around $15 million cash to scale extensively, and they want to grow aggressively as they expand supply chain and credit businesses, a person aware of the deal told The Economic Times.
Udaan also offers other services including logistics, software-as-a-service (SaaS), marketing, sales and distribution.
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In May, the company had raised approximately Rs 140 crore (around $20 million then) from its Singapore-based parent Trustroot Internet.
Last year in September, it had raised $225 million (Rs 1,593 crore then) in its Series C round of funding.