India’s Udaan to raise $340 million ahead of IPO

BENGALURU (Reuters) – Indian e-commerce firm Udaan will raise $340 million through a fresh issue of shares and conversion of debt, ahead of its planned stock market debut in 2025, the company said on Thursday.

The company, which caters to other businesses, plans to use the proceeds of this fundraise to strengthen its vendor partnerships and supply chain operations.

The fundraising was led by M&G Investments, a part of UK-based investment firm M&G, and Udaan’s existing investors including Lightspeed Ventures and DST Global.

The Bengaluru-based company provides smaller businesses with supply chain and logistics services and enables daily delivery across more than 1,200 cities through its online distribution service, udaanExpress.

It competes with Walmart-backed Flipkart in this field.

(Reporting by Kashish Tandon in Bengaluru; Editing by Eileen Soreng)