Udaan taps EvolutionX for debt of $40 million

NEW DELHI : Business-to-business (B2B) marketplace Udaan has raised nearly $40 million in fresh debt from early-stage financier EvolutionX Debt Capital, a person aware of the development said. This follows Udaan’s $120 million fundraising completed a fortnight ago.

“With this, the total funds raised by Udaan in the last four quarters have reached $400 million,» the person said.

The debt funding, alongside Udaan’s recent capital raise, will improve the startup’s financial strength and drive its operational efficiencies with an enhanced focus on achieving profitable growth, EvolutionX said in a release.

Earlier this month, EvolutionX announced its debut debt investment in API Holdings, the parent of PharmEasy.

In January, Udaan raised $250 million, comprising $200 million worth of convertible notes or short-term debt that can subsequently be converted to equity, and $50 million of debt.

The round saw the participation of investors M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital and Ishana Capital. Microsoft Corporation took part in an extended round in April.

Founded in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, Udaan is a B2B trade platform catering to small and medium businesses in the country.

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