By Digital
Udaan, a fast-growing B2B market in India, launched in 2016 with a objective of turning into a big ecommerce portal designed to assist small and mid-sized enterprise compete and develop on-line.
With the gross merchandise worth of its annual transactions already at about $1.2 billion, Udaan.com seems effectively on its manner and is attracting severe funding. {The marketplace} just lately raised $300 million in a Collection D funding spherical, bringing its funding up to now to greater than $680 million, in response to India-based ET Tech.com and Crunchbase.
Udaan was based by three veterans of Flipkart, a serious on-line retail market additionally primarily based in India. In India’s charged-up on-line retail market, Walmart Inc. paid $16 billion in 2018 for a controlling curiosity in Flipkart.
Serving to small companies broaden
Amod Malviya, co-founder, Udaan
However Udaan co-founders Amod Malviya, Vaibhav Gupta and Sujeet Kumar had different concepts for rising an ecommerce market after they left Flipkart. The three determined that small and mid-sized companies had been an underserved market in India, the place they figured a B2B on-line market would disrupt previous strategies of doing enterprise and assist small firms develop by means of web connections with buying and selling companions and supply items to India’s retailers and different companies, Malviya says in an interview posted by India’s YourStory Media.
Udaan says its market, with greater than 1 million consumers and sellers, additionally supplies fee and logistics companies. Different B2B marketplaces in India embody the a lot bigger IndiaMART.com, which says it hosts greater than 82 million consumers and practically 6 million suppliers of a variety of enterprise and industrial merchandise, and Ninjacart.com, which connects farmers with meals retailers. As well as, Amazon Enterprise opened a web site for India in 2017.
Udaan’s current funding spherical was led by Silicon Valley funding corporations Altimeter Capital and GGV Capital. Prior buyers additionally contributing to the Collection D funding spherical embody DST International, Lightspeed Enterprise Companions, Footpath Ventures and Hillhouse Capital Administration.
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