Udaan, an India-based B2B ecommerce platform, has raised USD 585 million in a new financing round to expand its ecommerce platform.
According to TechCrunch, the company wants to bring more kirana stores, chemists, and other small businesses online through its marketplace.
The investors include Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital, and Citi Ventures. Existing investors Lightspeed Venture Partners and DST Global also invested in the round.
Udaan operates a B2B marketplace that connects small retailers with wholesalers and traders, supporting a wide-range of categories from lifestyle, electronics, home and kitchen, staples and toys, to fruits and vegetables. The marketplace also offers a credit line to provide working capital to buyers and sellers on its platform.
So far, the company has amassed over 3 million retailers and more than 25,000 sellers from 900 cities and towns in India.