BlackRock in talks for $45M private credit to Udaan as part of $160M rescue package
BlackRock is negotiating ~$45M in private credit toward a $160M financing for distressed Indian B2B e-commerce platform Udaan, blending equity, debt and conversion. The deal reportedly helped Udaan avert Singapore insolvency proceedings, with participants including Nomura, Temasek, DBS Bank and others.
What happened
BlackRock is in talks to provide ~$45M private credit to distressed Indian B2B e-commerce platform Udaan, part of a $160M rescue package combining equity, debt
Key facts
- $45 million private credit
- $160 million total financing
- $17 million Goat Brand Labs debt
- 75% notes held
Why this matters
A blended equity-debt rescue anchored by BlackRock, Nomura, Temasek and DBS creates a distressed-entry template and potential consolidation opening in Indian B2B commerce worth monitoring for acquisition or partnership angles.
What to watch
- Final conversion price and dilution disclosure
- Udaan GMV and take-rate quarterly trend post-financing
- Follow-on funding request within 12-18 months
- Executive or founder departures
- Competitor consolidation signals in Indian B2B e-commerce
- Udaan finalizes covenant terms and publicly frames raise as strategic growth capital, not rescue
- Cost restructuring: category rationalization, layoffs, tighter credit to buyers
- Down-round markdowns flow through to existing VC fund NAVs
- BlackRock/Nomura seek board seats and information rights via debt covenants