India-based business-to-business e-commerce platform Udaan has reportedly increased its valuation to $3.1bn after the close of a $280m Series D round.
Capital was supplied by Octahedron Capital and Moonstone Capital joined the round alongside previous Udaan backers Lightspeed Venture Partners, partners of DST Global, GGV Capital, Altimeter Capital and Tencent, according to a report from TechCrunch.
Udaan was previously valued between $2.3bn and $2.7bn in 2019, after the close of a $585m funding round.
With the burst of equity, the FinTech company is looking to expand the selection of products and categories it offers, as well as grow its financing capabilities for small businesses and its supply chain network, it said.
Udaan is a B2B trade platform for small and medium businesses in India. The e-commerce platform helps retailers to sell their products online, including electronics, furniture, clothing, food, sports equipment and more.
In addition to selling products, Udaan provides merchants with access to working capital so they can continue to pay bills or buy new stock when needed.
Slice, an India-based payments app for millennials and generation Z in India, reportedly closed a $5.2m debt facility last year. The funds were raised to increase its lending capacity. The startup provides users with a mobile payments app and debit card that gives pre-approved credit.
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