udaan raises $120M in convertible notes and debt

B2B ecommerce unicorn Udaan just lately concluded a fund increase of $120 million in convertible notes and debt, led by present shareholders and bondholders.

A convertible word is an instrument usually utilized by firms on the pre-IPO stage to be transformed into fairness on the preliminary public providing. 

In an inner e-mail reviewed by YourStory, CFO Aditya Pande wrote that udaan has raised greater than $350 million in funding by way of convertible notes and debt within the final 4 quarters.

“This fund increase displays the arrogance of traders in our enterprise mannequin and their endorsement of the journey to unit economics, pushed by nice progress in evolution of our enterprise mannequin and price effectivity, that we initiated final 12 months,” mentioned the e-mail.

udaan goals to be public market-ready within the subsequent 12-18 months.

Aditya added that the staff has taken a number of steps to not solely “obtain constructive unit economics final quarter” but in addition enhance effectivity, “with enormous value advantages”.

Outlining key achievements, the e-mail said that the corporate’s unit economics has improved by ~1,000 bps with equally sturdy enhancements in each gross margins and working prices. It added that “the best enterprise design and unit economics has translated right into a 60%+ discount in burn”.

“Continued deal with customer-first pondering & initiatives on strengthening our worth proposition for them have resulted in month-to-month purchaser repeat charges growing by 500+bps within the final two quarters,” mentioned the e-mail.

“Together with your assist, we are going to proceed to take a position to construct udaan as a professionally run organisation with scale, capabilities and resilience that may leverage the large alternative that Kirana commerce presents, whereas empowering the small companies of Bharat,” concluded the e-mail.

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Based in 2016, udaan permits provide chain and logistics operations targeted on B2B commerce. It has a community of over three million retailers, chemists, kirana outlets, HoReCa, farmers, and 25-30,000 sellers throughout 1,200+ cities within the nation overlaying greater than 12,000 pin codes.

Its final fund increase was in December 2021 when it closed $250 million in convertible word and debt.

Edited by Saheli Sen Gupta

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