Udaan raises ~$160M structured round as it eyes IPO amid parent insolvency
B2B e-commerce platform Udaan closed a ~$160M mix of fresh equity, debt and debt-to-equity conversion even as insolvency proceedings target its Singapore parent Trustroot. FY25 losses narrowed to ₹1,055.4 crore on revenue of ₹4,561.4 crore, with Bengaluru operations turning Ebitda-positive.
What happened
B2B e-commerce platform Udaan announced a ~$160M structured financing round (fresh equity, debt, debt-to-equity conversion) amid insolvency proceedings against
Key facts
- $160 million round
- $45 million private credit
- $170 million defaulted notes
- $114 million Series G
- $1.3 billion valuation
- down 59% from $3.2 billion peak
- FY25 revenue ₹4,561.4 crore
- FY25 loss ₹1,055.4 crore
Why this matters
The parent-level insolvency and depressed valuation create a window for structured deals, asset carve-outs, or a strategic stake ahead of any IPO clean-up.
What to watch
- Outcome and jurisdiction of Trustroot insolvency proceedings
- DRHP filing timing and disclosed corporate restructuring
- FY26 quarterly burn and city-level Ebitda expansion
- Any further valuation markdowns by lead investors
- Vendor/supplier payment terms signaling working-capital stress
- Resolve Trustroot parent structure to ring-fence Udaan operating entity before filing DRHP
- Extend Bengaluru's Ebitda-positive playbook to additional metros to build multi-city profitability proof
- Convert remaining debt to equity to reduce interest drag ahead of any listing
- Court anchor investors comfortable with a corrected $1.3B valuation