udaan: Udaan raises $250million, aims to scale up ops

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NEW DELHI: Business-to-business (B2B) e-commerce startup Udaan has raised $250 million as it looks to scale up operations before going public in 18-24 months. Udaan raised $200 million via a convertible note along with $50 million as debt, showed an internal email by Aditya Pande, CFO at the Bengaluru-headquartered startup.
TOI was the first to report about Udaan’s efforts to raise capital in new ways, including debt financing from global institutional investors.
“This round was oversubscribed 2x and also saw participation from our existing investors, including those who bought into the company through the secondary (ESoP) round in H1 2021,” Pande wrote in the email which TOI has reviewed. “A convertible note is an instrument typically used by companies at pre-IPO stage, and the instrument converts into equity at the IPO,” he said.
The fund raise reflects Udaan’s “broadening the…

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