Bengaluru-based online marketplace for businesses, Udaan, has raised $585 million from Tencent Holdings, GGV Capital and Altimeter Capital, among others.
With the latest round of funding, its total funding amount now stands at $869.9 million. Started in 2016, Udaan was founded by Amod Malviya, Vaibhav Gupta and Sujeet Kumar from IIT.
At present, the startup has 20,000 sellers, over 15 lakh products and 10 lakh trusted retailers and over 500 brands on its platform.
Commenting about the fund raise, Vaibhav Gupta, co-founder of Udaan said that they would focus on growing the marketplace and get deeper into existing categories and invest in its core capabilities like fulfilment and delivery, lending and payments.
The startup is a network centric B2B trade platform and it is designed specifically for small and medium businesses in India. It brings traders, wholesalers, retailers and manufacturers onto a single platform. The startup has operations across staples, fruits and vegetables, toys and general merchandise, among others.
Martin Lau, President of Tencent, pointed out that the startup’s approach can enhance the capabilities of millions of retail stores across the country.