ⓘ Featured image details: Udaan founders, left-to-right: Amod-Malviya, Vaibhav Gupta and Sujeet Kumar, co-founders of Udaan; Credits: TechCrunch
Bengaluru, India-based B2B trading platform Udaan today raised $30 million from its Singapore-based parent Trustroot Internet Pvt. Ltd.
The company back in October 2019 raised a gigantic figure of $585 million from a number of venture capitalists including GGV, Tencent Altimeter, Citi, Ventures, DST Global, Footpath Ventures, and Hillhouse Capital. According to Crunchbase, the startup has raised around $899 million until now. After its last funding round back in October, the valuation of the company stood at $7.5 million, making it the fourth-highest valued startup in India.
The unicorn startup connects retailers with wholesalers and traders selling over 1500,000 products including grocery items, apparel, electronics and more. The platform also provides logistics services and working capital loans to sellers.
Udaan – In numbers
The company claims to have an inventory of over 10,00,000 and 20,000 sellers on its platform. Despite great valuation, the startup didn’t show good profits in the last financial year. The company bore costs of around INR 849 crores and made only INR 46.36 operational revenue in FY19 – incurring losses of INR 779.5 crores.