Udaan in talks for $50-60M top-up from Lightspeed, M&G at flat $1.8B valuation

B2B ecommerce platform Udaan is negotiating a $50-60 million bridge from existing backers Lightspeed and M&G at a flat $1.8 billion valuation. Likely its last private round before an IPO targeted 15-18 months post-profitability. FY25 revenue hit Rs 4,561 crore; losses narrowed to Rs 1,055 crore as Ebitda burn fell 40%.

— Source publishedMon, 25 May, 2026, 10:03 IST·First seen Mon, 25 May, 2026, 10:55 IST·Source ET Retail

What happened

B2B ecommerce platform Udaan is negotiating a $50-60 million top-up from existing backers Lightspeed and M&G at a flat $1.8 billion valuation, likely its last

Key facts

  • $50-60 million
  • $1.8 billion valuation
  • $114 million prior round
  • Rs 4,561 crore FY25 revenue
  • Rs 1,055 crore FY25 loss
  • 200,000 retail outlets
  • 25 warehouses
  • 16 cities
  • 40% Ebitda burn cut FY25

Why this matters

Udaan's pre-IPO bridge at flat valuation creates a narrow window for strategic partnerships or acqui-talks before public markets reset its price discovery.