Udaan in talks with existing and new investors to raise $400 million

Funding will bolster its balance sheet, IPO plans

Udaan, India’s largest business-to-business (B2B) e-commerce firm, is in discussions with existing and new investors to raise $350-400 million. The Bengaluru-based company is planning to use a combination of new equity capital raise and convertible notes in this fundraising exercise, according to sources.

Lightspeed Venture Partners and M&G are among the existing investors that are expected to participate in this funding round.

“The discussions are going on and the deal is expected to be closed in the next few weeks,” said a person familiar with the matter. “The new valuation of the firm depends on the negotiations and is expected to be