Udaan’s Singapore based parent entity has now secured a funding of $300 million in the ongoing Series D funding from the investors such as the Hillhouse Capital, GGV Capital, Altimeter Capital, and Footpath Ventures.
Some of the existing investors, which include the LightSpeed Partners and DST Global, also participated in the round, according to the report which has been revealed.
“Tencent’s terms need to be further negotiated given the strategic nature of the investor”said one person aware of the deal. The round is likely to close later this month.
The company which is founded by the former Flipkart employee Sujeet Kumar, Vaibhav Gupta and Amod in the year 2016, the Bangalore based lending and e-commerce platform has now secured Series C of $225 million from the Yuri Milner DST Global, the Israeli-Russian internet Billionaire, LightSpeed Global Growth at a valuation off around $1 billion.
In the month of February last year, the company has also raised Series B funding of $50 million.
Udaan in the market competes with the Mglix, Bizongo, Power2SME, ShopKirana, OfBuisness, JustBuyLive, Jumbotail, etc. in the B2B e-commerce segment.