According to reports, early-stage investor EvolutionX Debt Capital has provided almost $40 million in new debt to B2B marketplace Udaan. This comes after Udaan successfully raised $120 million in donations a fortnight ago.
“With this, the total funds raised by Udaan in the last four quarters have reached $400 million,” the report said.
The recent capital raising by Udaan and the debt financing will strengthen the startup’s financial position and increase operational effectiveness with a stronger emphasis on achieving profitable growth, according to a release from EvolutionX.
Early this month, PharmEasy’s parent company API Holdings received EvolutionX’s first debt investment.
Udaan raised $250 million in January, including $50 million in debt and $200 million in convertible notes, or short-term financing that may be turned into stock.
Investors M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital, and Ishana Capital participated in the financing. In April, Microsoft Corporation took part in a prolonged round.
Udaan is a B2B trading network that serves the nation’s small and medium-sized enterprises and was established in 2016 by three former Flipkart workers, Amod Malviya, Sujeet Kumar, and Vaibhav Gupta.