The cash infusion makes the company led by three former Flipkart executives one of the fastest-ever India-based startup to be valued at over USD 1 billion, according to local media reports.
Shortly after setting up the B2B marketplace, the three raised USD 10 million in a Series A led by Lightspeed in late 2016, then another USD 50 million earlier in 2018, also led by Lightspeed, with participation from the venture capital company’s India office.
Udaan’s mobile app connects 150,000 traders, wholesalers, and retailers in India, enabling small and medium-sized businesses to do business directly with manufacturers.
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