The funding includes a combination of fresh equity as well as the conversion of existing debt (convertible notes) into equity. Udaan plans to use the funds to strengthen customer experience, market penetration, strategic vendor partnerships, and to reinforce long-term capabilities of supply-chain and credit, the release read.
The funding round also saw participation from existing investors such as Lightspeed Venture Partners and DST Global, the firm said in a statement. ET had first reported on talks between the UK-based firm and Udaan on October 20.
Business-to-business (B2B) ecommerce firm Udaan has raised $340 million through conversion of its debt and fresh equity infusion. This and more in todays ETtech Top 5.