Udaan raises $160M structured financing to strengthen balance sheet ahead of IPO
B2B ecommerce platform Udaan closed a ~$160M package combining $114M Series G equity, $45M private credit and debt-to-equity conversion to simplify its capital structure. The raise, backed by Lightspeed and M&G, comes as the company posts 25% revenue CAGR and cuts EBITDA burn by 70% ahead of public listing plans.
What happened
B2B ecommerce platform Udaan announced a ~$160M structured financing combining fresh equity, new debt and debt-to-equity conversion to strengthen its balance
Key facts
- $160 Mn financing
- $45 Mn private credit
- $114 Mn Series G
- 25% revenue CAGR
- 500 bps contribution margin
- 70% EBITDA burn decline
- 15-25% private label staples
Why this matters
Udaan's balance-sheet simplification and pre-IPO positioning make it a partner or consolidation reference point to watch across India's B2B ecommerce landscape.
What to watch
- DRHP filing or IPO banker mandate announcement
- Quarterly burn and gross-margin trajectory toward breakeven
- Private credit repayment terms / covenant disclosures
- Competitive moves from Reliance JioMart, Flipkart Wholesale, Jumbotail
- Indian public-market sentiment for new-age tech listings
- Udaan pushes toward EBITDA breakeven with further burn cuts and higher-margin private-label / financing (credit) revenue
- Confidential DRHP prep and appointment of bankers within 6-12 months
- Category rationalization — exiting low-margin SKUs and consolidating regional supply chains
- Lightspeed and M&G reinforce governance/board to institutionalize ahead of listing
Also reported by
- Entrackr — Same time