New Delhi: B2B e-commerce platform, Udaan has raised funds from Temasek and DBS-backed EvolutionX, the debt financing platform said in a press release on Thursday. As per sources, the amount raised is approximately USD 35-40 million.
“We are excited to join hands with Rahul and his team at EvolutionX as long-term partners on this growth journey to change and organise the massive USD 1 Trillion+ trade market of the country.” said Vaibhav Gupta, co-founder and CEO, Udaan in a prepared statement.
With this, the total funds raised by Udaan in the last four quarters have reached USD 400 million.
Earlier this month, the B2B e-tailer had raised USD 120 million in convertible notes and debt, led by existing shareholders and bondholders. In January this year, the company raised USD 200 million via convertible notes. In April, Microsoft Corporation had joined Udaan’s debt financing round.
“With this round, the total funds raised by Udaan through convertible notes and debt in the last four quarters have crossed USD 350 million”, Pande said in the mail adding that this is one of the largest structured instrument fund raises in the country.
This investment by EvolutionX alongside Udaan’s recent capital raise will help the company improve its financial strength and drive its operational efficiencies with focus on achieving profitable growth, read the release.
“The efficiency enhancement and structural cost-optimisation initiatives that we undertook last year have already started showing results. Post achieving the milestone of positive unit economics in the previous quarter, we have witnessed robust growth in business during the last two consecutive quarters,” commented Gupta.
He added that the company will continue to invest in technology to enhance customer experience and deploy capital in areas that will drive it’s future growth and profitability.
Recently, Udaan laid off 300 – 350 of its employees, who were on regular payroll. The company reportedly also sacked a large number of its contract workforce, making the total layoff count to over 1,000 employees.
This is the second round of layoffs for Udaan after it laid off 180-200 employees, or 5% of its workforce, in June. Back then as well, the company had laid off 700-800 off-roll employees.