E-commerce Platform Udaan Raises $500 Mn from Lightspeed India And More.
The business-to-business electronic commerce platform Udaan has raised $500 million in a Series B round of funding from Lightspeed Venture Partners, Lightspeed India and DST Global founder Yuri Milner’s personal investment vehicle Apoletto. It also involved Ravi Mhatre from Lightspeed Venture Partners and Bejul Somaia from Lightspeed India also took part in the transaction.
This funding is recognised to be one of the biggest funding rounds at an early stage in the Indian startup ecosystem. The company is going to use the current funding's to hire more engineers and sales executives, expand its logistics network, to add new sellers and buyers and to introduce new services.
“B2B ecommerce is a big market opportunity with 500 million SMEs doing annual trade worth of $600-800 billion. In...