Bengaluru-based Hiveloop Technologies, which owns a business-to-business (B2B) ecommerce platform Udaan has raised around $30 million from its Singapore-based parent entity Trustroot Internet, a media report said.
The latest round is the parent company’s largest infusion so far.
Udaan approved a special resolution to allot 243,161 Class A equity shares of Rs 8,848.4 per share to Trustroot Internet, digital news website Entrackr reported citing regulatory filings.
Last month, Udaan said its valuation has reached Rs 53,365.4 crore ($7.5 billion at prevailing foreign exchange rates) based on projected cash flows and upcoming equity infusions.
The latest funding is likely part of the resolution to raise Rs 365 crore ($51 million) in an internal infusion from its Singapore-based parent.
Udaan had announced plans to raise Rs 999.8 crore ($140.7 million) in equity capital infusion by March 2020.
For the financial year ended March 2019, the company’s losses expanded to Rs 338 crore from Rs 59 crore a year earlier. During the year it reported a 450% jump in total expenditure to Rs 363 crore and a four-fold growth in revenues from operations to Rs 12 crore.
Founded in 2016 by former Flipkart executives Amod Malviya, Sujeet Kumar and Vaibhav Gupta, Udaan offers a range of products on its marketplace such as fast-moving consumer goods (FMCG), lifestyle, electronics, home appliances, kitchen, produce, among other things. It claims to connect 20,000 sellers to three million retail shop owners across 900 cities. However, the B2B ecommerce market in India is pegged at around 10 crore farmers and three crore small shop owners.