Udaan raises $114 mn from existing backers

Business-to-business e-commerce company Udaan has secured $114 million in a Series G equity fundraising round led by existing backers M&G Investments and Lightspeed Venture Partners.

- Sowmya Ramasubramanian

The firm didn't disclose what it was valued at in this fundraising round.

The Bengaluru-based company plans to use the fresh capital to expand its range of products, with a focus on the fast-moving consumer goods (FMCG) and hotel, restaurant and catering (HoReCa) segments. Its existing range of products include electronics, home and lifestyle and pharmaceuticals.

Udaan will also accelerate its private label or in-house brands initiative in the staples category, the firm said in a press statement on Monday.