Udaan raises $160M structured round at $1.3B valuation, down 59% from peak
B2B e-commerce platform Udaan secured ~$160M via fresh equity, $45M private credit and bond conversion, backed by M&G, Lightspeed and Nomura. The IPO-bound firm reports FY25 revenue of ₹4,561.4 crore and a narrowed loss of ₹1,055.4 crore, with Bengaluru operations turning EBITDA-positive amid insolvency proceedings on its Singapore parent.
What happened
B2B e-commerce platform Udaan raised ~$160M via fresh equity, debt and bond conversion amid insolvency proceedings on its Singapore parent. IPO-bound firm
Key facts
- $160 million round
- $45 million private credit
- $114 million Series G
- $1.3 billion valuation
- down 59% from $3.2 billion peak
- $170 million defaulted notes
- FY25 revenue ₹4,561.4 crore
- FY25 loss ₹1,055.4 crore
Why this matters
The distressed valuation, restructuring, and Singapore parent insolvency create a window for partnership or consolidation talks with a B2B e-commerce player nearing IPO but still working through balance-sheet complexity.
What to watch
- DRHP / IPO filing timeline and revised target valuation band
- Outcome of Singapore parent insolvency proceedings
- H1 FY26 loss trajectory and whether more regions turn EBITDA-positive
- Terms and drawdown of the $45M private credit facility (rates, covenants)
- Follow-on raises or bridge rounds signaling runway stress
- Competitor B2B moves (Reliance JioMart, ONDC pricing pressure)
- Aggressively expand the Bengaluru EBITDA-positive playbook to 2-3 more metros to build a multi-city profitability proof
- Resolve Singapore parent insolvency and simplify domestic holding structure ahead of DRHP filing
- Shift messaging from GMV growth to contribution margin and category-level unit economics
- Prune low-margin categories and geographies to accelerate loss narrowing toward breakeven
- Secure anchor investor commitments and re-domicile to India for a cleaner listing