Bengaluru-based B2B marketplace Udaan has received shareholders' approval to raise up to Rs 2,000 crore (about $270 million) in debt financing through the issuance of non-convertible debentures in tranches over a year, going by filings to the companies’ registrar.
Udaan raised $280 million in its latest financing round in January from new investors Octahedron Capital and Moonstone Capital and existing investors Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, and Tencent.
It had joined the elite unicorn club in 2018 when it raised $225 million in its Series C round from existing investors DST Global, owned by Russian billionaire Yuri Milner, and Lightspeed Venture Partners.
During 2019, it raised a financing round worth $585 million from a clutch of high-profile investors including Chinese conglomerate Tencent.
Udaan was founded in 2016 by former Flipkart employees Sujeet Kumar, Vaibhav Gupta and Amod Malviya.
It has a network of over 25,000 sellers connecting to more than three million users in 900 cities in India.
According to recent media reports, Udaan is eyeing listing within a couple of years.