Udaan Raises $280 Million For B2B eCommerce In India

COVID-19 “has accelerated the already fast digital-led evolution of highly fragmented and unorganised Indian trade/retail industry," he said, according to the report. "At the same time, the pandemic has also highlighted the unique structure of the Indian economy, with millions of kiranas and neighbourhoods stores becoming the lifeline of our country at the time of crisis."

The current round will be backed by existing investors Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital and Tencent, along with new investors Octahedron Capital and Moonstone Capital, the report says.

udaan has a wide range of specialties, working in lifestyle, electronics, home and kitchen, staples, fruits and vegetables, FMCG, pharma, toys and general merchandise, the report says, helping small manufacturers, farmers and brands move their products. In doing so, the company also helps shopkeepers, kirana owners, restaurant owners and others with access to a large trove of products and goods.

Boris Lokschin, co-founder and CEO of Spryker, told PYMNTS recently that the new B2B commerce sphere was in the process of fully embracing the eCommerce model. One of the big changes, he said, has been how the companies navigate the new model in which transparency of costs for items, letting consumers more readily compare with other markets.