E-commerce platform Udaan raises $585 mn from Tencent, Footpath Ventures

Udaan said it enables small manufacturers, farmers, mills, and brands to sell their products across the country at low costs, with 100 per cent payment security and transparency

Business-to-business (B2B) platform Udaan raised $585 million from Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital, and Citi Ventures, it said.

Existing investors Lightspeed Venture Partners and DST Global also contributed to the round. This takes the total funds raised by the e-commerce start-up to $870 million since 2016.

According to Vivek Durai, founder of business intelligence platform Paper.vc, Tencent led the Series D financing round, by contributing roughly a quarter of the total raise, giving the firm a “post-money valuation in the range of $2.5 billion”.

With this fundraise, Udaan will continue its long-term investment approach in building its platform.