“Record-breaking Funding: Udaan Receives $340 Million Boost in India”

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The investment arm of the UK retail bank M&G has led a funding of $340 million into Udaan, a business-to-business e-commerce startup, in one of the largest financing rounds secured by an Indian startup in 2023. The Bengaluru-headquartered startup, which helps merchants in smaller Indian cities and towns secure inventories from major brands as well as gain access to working capital, said the new funds include some convertible debt. Existing backers Lightspeed Venture Partners and DST Global have also participated in the new round, which awaits regulatory nod. Udaan competes with a number of players, including Mukesh Ambani’s $100 billion Reliance Retail, the largest retail chain in India. Udaan didn’t share how M&G and other investors valued the startup in the new round.