Udaan, the B2B e-commerce unicorn, has raised a further $120Mn in convertible notes from current shareholders, delaying its IPO plans in the interim. The identical got here to mild by way of an inside electronic mail that the corporate CFO Aditya Pande despatched out to firm’s staff.
“With this spherical, the overall funds raised by Udaan by convertible notes and debt within the final 4 quarters have crossed $350 million, making it one of many largest structured instrument fund raises within the nation,” Pande stated. He additional added, that the corporate will plan to go for an IPO in 12-18 months, successfully delaying the sooner introduced timeline.
A report from Financial Occasions states that the corporate is anticipating one other $30-$50Mn in subsequent tranche.
This comes a number of months after the corporate introduced one other $200Mn fundraise in debt, earlier this 12 months in January.
Pande added that the corporate has improved its unit economics by 10%, with sturdy enhancements in each gross margin and working prices, and the burn price decreasing by 60%.
“Continued give attention to customer-first considering and initiatives on strengthening our worth proposition for them have resulted in month-to-month purchaser repeat charges rising by 5% within the final 2 quarters,” stated Pande within the notice.