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Bengaluru-based Udaan was last valued at $3.2 billion following a funding round in January 2021. It closed a $340 million financing last December by largely converting debt notes into equity. The round also included a fresh equity infusion. It did not disclose the valuation.
Udaan Funding: Bengaluru-based Udaan was last valued at $3.2 billion following a funding round in January 2021. It closed a $340 million financing last December by largely converting debt notes into equity. The round also included a fresh equity infusion. It did not disclose the valuation.
The funding round also saw participation from existing investors such as Lightspeed Venture Partners and DST Global, the firm said in a statement. ET had first reported on talks between the UK-based firm and Udaan on October 20.
Lightspeed Venture Partners-backed Udaan is among startups trying to tap the rapid growth of Indias economy and consumer market, while meeting investor demands for profitability. Udaan, which at its peak employed thousands, joined fellow Indian startups in slashing jobs last year and tightening internal controls and compliance. It now has about 1,800 staff, and Gupta didnt specify if further job cuts are needed.
With this, the total funding raised by the ecommerce unicorn in convertible notes and debt stands at $300 million, the company’s Chief Financial Officer, Aditya Pande wrote in an email.