Indian business-to-business e-commerce startup Udaan has
raised US$280 million, it said Wednesday, as it seeks to serve more mom-and-pop
businesses that are buying products online in the wake of the COVID-19
pandemic.
Udaan said existing investors including Chinese tech giant
Tencent, Lightspeed Venture Partners, DST Global, GGV Capital and Altimeter
Capital participated in the fundraising, along with new investors - Octahedron
Capital and Moonstone Capital.
The Bengaluru-based firm, founded in 2016, is now valued at
more than US$3 billion, a person familiar with the matter said.
A representative for Udaan declined to comment on its
valuation.
"COVID-19 has accelerated the already fast digital-led
evolution of highly fragmented and unorganized Indian trade/ retail
industry," Udaan co-founder Amod Malviya said.
Udaan, which offers everything from consumer goods to fruits and vegetables, has now raised US$1.15 billion to date, the company said.
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