E-commerce technology developer Udaan has reportedly netted $50m in its Series B funding round led by Lightspeed Venture Partners.
Other backers to the round included Russian entrepreneur and investor Yuri Milner, according to various reports in the media.
India-based Udaan helps traders, wholesalers, retailers and manufacturers access online trading and open their businesses to new customers. The technology helps its clients to offer transparent pricing and access secure online payments.
Udaan also helps to expand businesses partnerships and their networks by building their online presence.
Equity from the round will be used to expand its customers and logistics network, it said. Alongside this, the company hopes to launch new services, such as lending.
India has seen a very strong start to the year for FinTech transactions, with this being the 18th company to close a deal this year. Earlier in the week, wealth management platform Fincash.com closed a $150,000 funding round from a group of investors. The company hopes to expand its platform adoption, which is currently used in 150 cities, to be used in 500 by the end of the year.
Earlier in the month, Indian state Maharashtra announced its plans to adopt a comprehensive FinTech policy that will help establish 300 FinTech startups. The state hopes to establish itself as a FinTech hub and aims to be one of the top five FinTech centres in the next five years.
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