Udaan raises $250mn, aims to take An 'UDAAN'

06 January 2022, Mumbai:

Business-to-business (B2B) e-commerce startup Udaan has raised $250 million as it looks to scale up operations before going public in 18 24 months. Udaan raised $200 million via a convertible note along with $50 million as debt, showed an internal email by Aditya Pande, CFO at Bengaluru-headquartered startup. 

TOI was the first to report about Udaan's efforts to raise capital in new ways, including debt financing from global institutional investors.

"This round was oversubscribed 2x and also saw participation from our existing investors, exist including t those who bought into the company through the secondary (ESOP) round in HI 2021. Pande wrote in the email which TOI has reviewed.

"A convertible note is an instrument typically used by companies at the pre-IPO stage, and the instrument converts into equity at the IPO," he said.

SOURCE: TOI Dt 06-01-2021

(The news article has not been edited by DFU Publications staff)

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