Indian business-to-business e-commerce platform Udaan has raised $585m in its latest funding round.
The new round means that the startup has hit a valuation of between $2.3bn and $2.7b, a person familiar with the matter told TechCrunch.
The Chinese conglomerate Tencent joined venture capital firms Altimeter Capital, GGV Capital and Citi Ventures as well as investment companies Footpath Ventures and Hillhouse for Udaan’s new investment round. Existing investors Lightspeed Venture Partners, which led Udaan’s $50m Series B round in February 2018, and DST Global also invested in the round.
Udaan is set up to empower more than three million small manufacturers, farmers, kirana stores and other traders across India to sell their products online. The unicorn also provides working capital for buyers and sellers through by offering a credit line.
The company will use the new capital injection to grow its reach in its native India.
“We are building Udaan as a trusted partner for small businesses across the country, to empower these entrepreneurs with technology, financial inclusivity, and supply chain capabilities to compete and win in an increasing tech and digital world,” Udaan’s co-founders said in a statement, according to the Hindu BusinessLine.
GGV Capital raised $1.88bn across four venture capital funds in October 2018.
Earlier this summer, Citi Ventures joined Flybits’, the Canadian banking personalization portal, $35m Series C round.
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