Udaan Raises Fresh Debt Of $40 million From EvolutionX After Recent Funding
Growth stage debt financing platform EvolutionX Debt Capital has committed $40 million into B2B e-commerce startup Udaan. EvolutionX’s investment, alongside Udaan’s recent capital raise, will increase the total funds raised by the startup to almost $400 million in debt, making it one of the largest structured instrument fundraises in the startup ecosystem. In early November, EvolutionX announced its maiden debt investment in API Holdings, the parent company of PharmEasy.
In January, Udaan raised $250 million, comprising $200 million worth of convertible notes or short-term debt that can subsequently be converted to equity and $50 million of debt. M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital and Ishana Capital backed the firm in the round which saw Microsoft Corporation’s participation in April.
The funding also comes a few weeks after Udaan laid off hundreds of feet-on-street workers and sales supervisors as the startup looks to overhaul its operations.
Founded in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, Udaan is a B2B trade platform catering to small and medium businesses in India.