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Our mission is to enable small manufacturers, farmers, and brands to market and sell their products across the country at low cost with 100% payment security and complete transparency. While doing so we enable small businesses such as shopkeepers, kirana, restaurants, street vendors, chemists, offices, small factories, contractors etc. to source from a large selection of high-quality products at best prices while facilitating efficient and transparent transactions with huge convenience.
udaan has a network of over 3 million retailers, chemists, kirana shops, HoReCa, farmers and 25-30,000 sellers across 1000+ cities in the country covering more than 12,000 pin codes. Over 5 million transactions take place on the udaan platform per month making udaan a leader in the b2b eCommerce business..
Bengaluru-based B2B ecommerce unicorn Udaan has raised $340 Mn in its Series E funding round led by UK-based savings and investment firm M&G Prudential, with participation from existing investors Lightspeed Venture Partners and DST Global.
Earlier, media reports said in October that Udaan was in talks with M&G Prudential to lead an equity round. However, the reports said that the round was going to be a down round, with the startup likely to raise funding at a valuation of under $2 Bn.
The funding round comes a few months after the startup conducted a major restructuring of its operations. This September, Udaan merged the Essentials business, comprising FMCG, staples, and pharma categories, with the Discretionary business, which includes general merchandise, lifestyle, and electronics categories.
Founded in 2016 by Gupta, Sujeet Kumar, and Amod Malviya, Udaan enables supply chain and logistics operations focused on B2B trade. It claims to enable daily delivery across over 1,000 cities and 12,500 pin codes through udaanExpress.
Bengaluru-based Udaan was last valued at $3.2 billion following a funding round in January 2021. It closed a $340 million financing last December by largely converting debt notes into equity. The round also included a fresh equity infusion. It did not disclose the valuation.
Kiran Thadimarri, group finance controller, will be elevated to the executive management team. Further, Vishnu Menon, head - corporate strategy & investor relations, has been given additional charge of business finance.
The approval from Singapore's court paves the way for Peak XV Partners-backed Pine Labs to shift its domicile to India. Multiple other companies of Indian origin including Meesho, Razorpay, Zepto and Udaan are in different stages of moving to India. PhonePe and Groww have already completed their migration to India.
The move to bolster its India and Southeast Asia team comes at a time when local and global peers such as Peak XV Partners, Elevation Capital and Accel have doubled down on the region by raising record capital amid a funding downturn.
Aegon Life Insurance rebranded itself as Bandhan Life, unveiling its new identity with the tagline 'Bharat Ki Udaan, Bandhan Se'. The company plans to recruit 1,000 new employees as part of an aggressive growth strategy, emphasizing its commitment to expanding its customer base and service excellence.
Companies typically expand their Esop pool to attract and retain talent, align employee and shareholder interests, and enhance overall performance. Private startups also institute buybacks of Esops to help create wealth for employees.
Claypond Capital, Axis Bank, and new investors plan to invest in Rupeek at a reduced valuation. Investment details are being finalized, with existing investors also considering selling shares. Rupeek previously raised funds from 360 One Asset at a significant discount.
Actress Kavita Chaudhary, known for her role as IPS officer Kalyani Singh in 'Udaan', passed away at 67 due to cardiac arrest on February 15. Battling cancer, she was undergoing treatment in Amritsar. Close friends and colleagues, Anang Desai and Amit Behl, mourned her sudden demise, reminiscing about their time together at the National School of Drama.
In India, founders like Sacheti and Bansal are funding domestic funds like Xeed Ventures. The Rs 600 crore fund, with Premji Invest's backing, invests in startups like Charcoal.inc and Kredit.pe, led by Sailesh Tulshan.
Most of the job cuts happened in the go-to-market (GTM) team, which handles relationships with sellers, among other responsibilities, people in the know said. The layoffs, the sources explained, were due to redundancies following a rejig of the business in September.
Ola Electric Mobility raised Rs 410 crore from EvolutionX Debt Capital, supported by DBS and Temasek. Founder Bhavish Aggarwal is pitching the IPO to global investors, aiming for a $7-8 billion valuation.
The funding round also saw participation from existing investors such as Lightspeed Venture Partners and DST Global, the firm said in a statement. ET had first reported on talks between the UK-based firm and Udaan on October 20.
Tata Group backed IHCL has reported revenue from operations of Rs 1964 crore for the quarter ended December 31, 2023, up 18% compared to corresponding period of the previous fiscal. The hospitality chain reported a profit after tax of Rs 477 crore, up 18% compared to the quarter ended December 31, 2022.
Udaan's FMCG business head, Vinay Shrivastava, has resigned amid a series of senior exits at the B2B e-commerce firm. Shrivastava, with nearly four years at Udaan, contributed to significant growth in market share and business. Udaan is restructuring its teams and business verticals, merging essentials with discretionary business. Shrivastava's departure follows the exits of the group CFO and other senior executives since September 2023. The company recently raised $340 million in Series E, but its valuation reportedly fell to around $1.8 billion in a down round.
On January 24, people across India observe National Girl Child Day to bring attention to the issue of gender disparity in the nation. In 2008, the Ministry of Women and Child Development established National Girl Child Day. Here are the some schemes which are launched for girl child in India.
Aditya Pande has been appointed as the Group Chief Executive Officer of InterGlobe Enterprises, effective from March 1, 2024. This move follows Pande's resignation as the Chief Financial Officer of Udaan, concluding a three-year tenure. Apart from IndiGo, Pande will have the overall responsibility of setting InterGlobe's strategic agenda and overseeing the leadership of the company's line businesses and corporate staff functions.
The latest week saw about 84% of the total capital being deployed in growth- and late-stage startups. Besides Udaan, it included the likes of agritech firm Vegrow, fintech firm Aye Finance and electric vehicle battery tech firm Exponent Energy.
The Lightspeed Venture and Microsoft-backed unicorn had shipped 260 million products, catering to over 22 million orders, and driven by demand for FMCG products, catering to around 50 million orders in 2021.
The Lightspeed India-backed startup is likely to see a significant drop in its valuation, to under $2 billion during the new financing round compared with its last peak valuation of $3.2 billion, said people aware of the contours of the deal being discussed.
Along with executive search firm Longhouse Consulting, ET has compiled a list of high-profile executives who launched their ventures this year. Former Flipkart senior vice president Prakash Sikaria and ex-Swiggy CTO Dale Vaz are some of them.
Filmmaker Vikramaditya Motwane revealed that he rarely revisits his past work as he always finds something to nitpick. However, he recently watched his 2010 film 'Udaan' out of curiosity. Motwane believes that he knows what he could have done better in his films, which is why he avoids rewatching them.
At least 50 top executives - ranging from C-suite to category and business heads - left Udaan in 2022, as the company grappled with funding and business model issues, even as two of its founders moved away from active roles over the course of the year.
The PM said that 15,000 Women's Self-Help Groups would be given loan and training for operating and repairing drones. "Drone ki Udaan" will be carried out by these Women's Self-Help Groups, said PM Modi. Among others, PM Modi announced the launch of the 'Vishwakarma Yojana', in the coming days. The scheme is planned to benefit individuals skilled in traditional craftsmanship.
This dual benefit of reduced interest rates and waiver of processing fees will help alleviate financial burden for its customers and support their financial journey, it said. Earlier, the bank waived processing fees for its other retail schemes such as, education loan and gold loan under its UDAAN Campaign, it added.
New York-based investment fund Tiger Global is also believed to be engaging with another Big 4 audit firm for a potential forensic audit of Groyyo. However, it is not clear if that's been finalised yet.
Founders and VCs had a lot to discuss and debate about at the ET Startup Awards, from valuation and execution to the all-time-favourite debate: growth vs profitability. But there was one thing everyone agreed on: for the Indian startup ecosystem, there is no other event that comes close to The Economic Times Startup Awards (ETSA).
"PM @narendramodi Ji unveiled an era of #9YearsOfEnabledMiddleClass by realizing their aspirations. Whether it is opening up new educational institutions for their children to excel, handing them over subsidized homes, or creating lakhs of jobs, Modi Ji fulfilled their dreams," Amit Shah tweeted.
Udaan also announced that it will issue employee stock options (Esop) to every employee and made a key change in its policy under which they can now vest stocks every quarter, instead of waiting for a minimum of one year.
"This strategic investment will be a significant boost to the network expansion of flybig. With Royal Bengal Holding Inc's support, we will be able to expand our operations and provide even more connectivity to underserved areas of the country," Saanjay Mandavia, Chairman and Managing Director of flybig, said.
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