Business-to-business marketplace Udaan has raised $280 million from new and existing investors as the Indian startup builds a war-chest to accelerate its growth and fend off rivals.
The new capital is not part of a new financing round but is an extension of Series D. The Bangalore-based startup, which secured $585 million prior to the new capital as part of its Series D round and overall $1.15 billion to date, is now valued at over $3.1 billion, a source familiar with the matter told TechCrunch.
Octahedron Capital and Moonstone Capital are financing the fresh capital, with participation from existing investors Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, and Tencent.
Much of the business-to-business market in India remains unorganized. This means that merchants in the nation today have to travel to other cities — where all the major dealers operate — to stock up their inventory. But these merchants