Former Flipkart executives raise $225 million in two years.
In 2016 Sujeet Kumar, Amod Malviya and Vaibhav Gupta decided to depart from Flipkart to focus on their own B2B e-commerce startup, Udaan.
The trio had recently announced that Udaan had raised $225 million in the third round of funding in series C led by DST Global and Lightspeed Venture Partners. According to the reports, Udaan is the fastest ever Indian start-up to be valued at more than $1 billion.
Shortly after setting up the B2B marketplace, the three raised $10 million in a Series A led by Lightspeed in late 2016—then another $50 million earlier this year, also led by Lightspeed, with participation from the venture capital firm’s India office.
“We have been fortunate to see the company scale very rapidly from close quarters,” says Bejul Somaia, MD at Lightspeed.
Mobile app Udaan connects 1.5 lakh traders, wholesalers, and retailers in Indian market to enable a small and Mid-sized business to connect directly with the manufacturers. For now, only electronics and consumers goods are available on application for sale but the company has plans to sell Industrial Goods, Groceries, and other products soon too.
Source: BW Disrupt