Udaan, a local business-to-business e-commerce start-up, said on Wednesday that the company has raised US$280 million (approximately 20.46 billion rupees) to seek to serve the COVID-19 pandemic in home-style stores that later purchase products online .

Udaan said that existing investors including Chinese technology giant Tencent, Lightspeed Venture Capital, DST Global, GGV Capital and Altimeter Capital, and new investors Octahedron Capital and Moonstone Capital participated in the financing.

A person familiar with the matter said that the Bangalore-based company was founded in 2016 and currently has a market value of more than US$3 billion (approximately Rs 21,920 crore). Udaan’s representative declined to comment on its valuation.

Udaan co-founder Amod Malviya said in a press release: “COVID-19 has promoted the rapid digital development of the highly fragmented and unorganized Indian trade/retail industry.” “At the same time, this epidemic It also highlights the unique structure of the Indian economy. During the crisis, millions of Clara and nearby shops became the lifeblood of our country. Udaan is at the forefront of this unique Indian e-commerce opportunity for the past four years , It has become one of India’s largest e-commerce platforms, while adopting India’s number one mobile-first e-commerce approach. This financing allows us to leverage Udaan’s unique low-cost model for central India to further bring e-commerce into The depth and breadth of the country.”

The company hopes to use additional financing to expand the B2B e-commerce market and improve its ability to serve SMEs and achieve profitability.

The company said Udaan, which offers a variety of products from consumer goods to fruits and vegetables, has raised 1.15 billion U.S. dollars (approximately Rs 84 billion) so far.

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