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B2B marketplace Udaan raises $225M from DST Global and Lightspeed

Online B2B marketplace Udaan has raised $225 million in a Series C funding round from existing investors DST Global and Lightspeed Venture Partners’ global fund, reports ETtech.

Founded in 2016 by three former executives of Flipkart — Amod Malviya, Sujeet Kumar and Vaibhav Gupta — Udaan is a B2B marketplace which brings wholesalers, retailers, and traders on the platform, and also provide services for transactions like payments integration, and a logistics services. Udaan also had mobile apps for traders.

Kumar, Malviya and Gupta, were the former president of operations, CTO and SVP of business finance and analytics at Flipkart respectively. The trio departed the company in 2016 to set up their own business; shortly after, in November 2016, Udaan.com secured $10 million from Lightspeed Venture Partners India and Lightspeed US. Earlier this year, the investors also pumped in $50 million in a Series B round;Russian entrepreneur and investor Yuri Milner also participated in the round.

The marketplace now provides a platform to trade electronics, computers and accessories, appliances, apparels, personal care products, mobile accessories, and food & FMCG. It had begun operations in 2016 with only mobile accessories and fashion products.

Competition

  • Moglix is a B2B ecommerce company specializing in procurement of industrial products for manufacturers. Over the next two years, the startup is reportedly planning to expand to another 7-8 towns, in addition to its current presence in 8 cities, and increasing hiring by 30% from its current strength of 350 employees, per The Hindu Business Line.
  • IndiaMART InterMESH Ltd, which runs and owns B2B marketplace IndiaMART is preparing for its Initial Public Offering (IPO) this year. IndiaMART is an online B2B classifieds platform which enables the discovery of products across some 52 industry categories. In 2015, the company launched Tolexo as an online transaction marketplace for business goods, through its wholly-owned subsidiary.

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