B2B ecommerce portal Udaan, founded by Flipkart’s former employees Sujeet Kumar, Amod Malviya and Vaibhav Gupta, has become the fastest Indian startup to be valued at over $1 billion, with fund raising of $225 million in Series C round from DST Global and Lightspeed Venture Partners, several media reports said.
With this cash infusion, the two-year startup has joined the club of unicorns – a term used for startups that are valued at $1 billion or more – from India which include Policybazaar, Zomato, Freshworks, Byju’s, Swiggy, Flipkart, Infibeam, Ola, Snapdeal, Hike, Shopclues, MakeMyTrip, MuSigma, Info Edge, Quiker, Just Dial and Paytm Mall.
Malviya was the chief technology officer at the homegrown e-commerce major, while Kumar headed in-house vendor WS Retail, and Gupta served as senior vice president of finance at Flipkart. The trio left the company in 2016. Flipkart was bought by Walmart in a $16 billion deal earlier this year.
Separate mail and messages left to Udaan and Lightspeed Venture to confirm the development went unanswered by the time of filing this news article.
Udaan had raised $50 million in Series B funding round in February this year from Lightspeed Venture Partners and Yuri Milner’s Apoletto Fund. The company had secured $10 million in Series A round led by Lightspeed in late 2016— shortly after floating the company.
Udaan is a business-to-business e commerce portal that caters to small and medium businesses. The startup connects traders, retailers, wholesalers and manufacturers on a single platform via a mobile app wherein manufacturers can sell directly to shop owners and merchants with secure payments and logistics.
It also offers escrow protection for seamless payments and round-the-clock seller and buyer support. The company follows an asset-light model and presently operates across fashion, fast-moving consumer goods and electronics.
According to a 2016 report by Deloitte and the Confederation of Indian Industry, B2B market in India is expected to reach at around $700 billion by 2020.