With $225 Mn Funding, Ex-Flipkartians’ B2B Online Market Udaan Becomes India’s Fastest Unicorn
Udaan was launched 26 months back by three ex-Flipkart executives
The $225 Mn funding round began the heels of its $50 Mn Series B round of funding raised in February 2018
Udaan runs a web platform connecting SMBs, manufacturers, wholesalers, traders, and sellers
raised a$225 Mn funding round from DST Global and Lightspeed Venture Partners ‘global fund. The startup has actually obtained the$1 Bn appraisal within 26 months of its launch, hence ending up being the fastest business to reach the unicorn status.Sunil Rao, the Partner at Lightspeed India verified the financial investment to Inc42. An action to the mail looking for further details is yet to be received.The$225 Mn financing round began the heels of its$50Mn Series B round of funding raised in February 2018. The round was led by Lightspeed United States,
while Lightspeed Venture Partners India and funds connected with Russian billionaire Yuri Milner also participated.Prior to that, in November 2016, the startup raised $10 Mn from Lightspeed Endeavor Partners India and Lightspeed US in a Series A financing round.Udaan’s Growth In The Past 26 Months Released in 2016 by three previous senior executives at Flipkart– Sujeet Kumar, Vaibhav Gupta, and Amod Malviya– Udaan runs a web platform linking SMBs, producers, wholesalers, traders, and merchants. It presently functions into two categories: mobile devices and style products.The creators are aiming to interrupt the total B2B market in India, whichis expected to be around$700 Bn by 2020, according to an April 2016 report by the Confederation of Indian Market and Deloitte.As of February 2018, Udaan had a seller base throughout 80 cities and delivers
to more than 500 cities, with a typical order worth in between INR 6K -7 K.As Sujeet said in an earlier interaction with Inc42,” The market opportunity is big. We likewise account for more than 15-20% of business of numerous of the sellers on the platform. And our typical repeat transactions are 7 times a month. These metrics are big validation that there’s huge demand for our kind of end-to-end market.”2018: The Year of Unicorns The year 2018 can appropriately be stated as the year of unicorns,with as many as 6 brand-new start-ups signing up with the unicorn club.Post obtaining the unicorn status, Udaan has set a criteria for the major B2B online marketplaces in the country. A couple of significant gamers in this segment include Moglix, Bizongo, OfBusiness, Power2SME, and Simply Purchase Live amongst others.
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