udaan raises $160M ahead of IPO, blending equity, debt and conversions
Bengaluru-based eB2B platform udaan secured $160M through fresh equity, debt, and conversion of existing debt to equity, including ~$45M in private credit. Backers include M&G Investments and Lightspeed Venture Partners. The round strengthens its balance sheet as the company preps for public markets.
What happened
Udaan · IPO-bound eB2B platform udaan secured $160M via fresh equity, debt, and conversion of existing debt to equity, including ~$45M private credit, to
Key facts
- $160M raised
- $45M private credit commitment
- $114M raised June 2025
- Rs 974 crore
Why this matters
udaan's pre-IPO recapitalization and conversion of existing debt reduce leverage risk, making it a cleaner comparable and potential consolidation anchor in India's eB2B space.
What to watch
- DRHP filing date and disclosed valuation vs prior ~$3.1B peak
- Quarterly EBITDA/burn trajectory and GMV growth rate
- Terms and interest cost of the $45M private credit tranche
- Follow-on participation or exits by Lightspeed and existing investors
- Competitive moves from Reliance/Metro/Jumbotail in eB2B distribution
- Trim SKUs and exit unprofitable geographies to sharpen margin narrative
- Appoint IPO-grade CFO and independent board members for governance optics
- Push credit/BNPL fintech monetization to diversify revenue beyond thin-margin distribution
- Engage bankers to test institutional demand and set a defensible valuation band