Online business-to-business platform udaan on Monday said it had closed a debt financing round of around Rs 300 crore from Lighthouse Canton, Stride Ventures, InnoVen Capital and Trifecta Capital.
The fund houses have collectively invested approximately Rs 300 crore in udaan during the current financial year, a company statement said, adding that the funds will be used to strengthen its position as a preferred partner for kirana stores and small businesses in the whole country.
The unicorn said it will use the fresh capital to expand its geographical footprint through its “micro-market strategy”, streamline operations, improve go-to-market (GTM) capabilities, streamline supply chain processes and open new micro-fulfillment centers. .
“By prioritizing both operational excellence and long-term profitability, udaan aims to reinforce its leadership in the eB2B space and strengthen its position as a preferred partner for kirana stores and small businesses in Bharat,” the statement said.
The latest round of debt financing is an endorsement of the consistent quarter-on-quarter growth achieved by the company over the past ten quarters, said Kiran Thadimarri, senior vice president of group finance at udaan.
“This financing will further strengthen our financial position, providing the flexibility to double down on key strategic initiatives, such as expanding our Cluster model to drive operational excellence, allowing us to continue on our path to profitability while solidifying our position in the market” , said.
This fundraising follows Udaan’s $340 million Series E funding round in December 2023.
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