B2B trading platform Udaan has reportedly raised $ 225 million (Rs 1,575 crore) from existing investors in global fund DST Global and Lightspeed Venture Partners. At first it may seem like a regular fundraising affair, but this fundraising is of particular importance to Udaan.
With this fundraising, Udaan became the fastest Indian startup to obtain the unicorn label. The Bengaluru-based startup took just two years to break through the $ 1 billion valuation mark.
Udaan and its two existing investors declined to comment on this report.
For anyone who doesn’t know, DST Global is owned by Russian internet billionaire Yuri Milner. This is not the first time that Milner’s company has bet on an Indian startup. In fact, DST Global is slowly emerging as a leading investor in the Indian startup ecosystem. With successful companies like Ola, Flipkart and Swiggy in its portfolio, Milner’s investment firm appears to have serious long-term plans for India.
DST Global is obviously playing it safe by investing in startups that have already become a huge brand.
What is Udaan?
Udaan is an online B2B commerce platform dedicated to small and medium-sized businesses. By bringing together all important stakeholders on one platform, Udaan’s goal is to nurture and propel SMEs to a high growth trajectory.
Traders, retailers, manufacturers and other stakeholders can buy / sell, log in and even qualify for business loans on this platform.
Udaan is the brainchild of three former senior executives at Flipkart – Sujeet Kumar, Amod Malviya and Vaibhav Gupta. The startup was incorporated in 2016 and became fully operational last year.
India is already witnessing the phenomenal Fintech boom which is now helping to provide quick loans to SMEs. Although Udaan is not a fintech startup per se, the goal of the startup to help SMEs to make its goals completely identical to those of fintech players.