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B2B trade platform Udaan raises Rs.50-Cr from Blacksoil

Inc42  

B2B ecommerce marketplace Udaan is raising INR 50 crore (about USD 6.7 million) in debt through multiple tranches from venture debt firm Blacksoil. Udaan is allotting a total of 1000 non-convertible debentures (NCDs) to Blacksoil. The fundraise comes days after Udaan received shareholders' nod to raise Rs.2,000 crore in debt. The Bengaluru-based startup is allotting 100 Series A NCDs for INR 5 crore to Blacksoil Capital Pvt Ltd. It is also allotting 600 Series B NCDs for INR 30 crore to Blacksoil Capital and 300 Series B NCDs for INR 15 crore to Blacksoil Asset Management. Udaan is likely to close multiple debt rounds in the coming months. Founded in 2016, Udaan connects small and medium size businesses, manufacturers, wholesalers, traders and retailers to sell goods and other services. Earlier this year, it raised USD 280 million from Octahedron Capital and Moonstone Capital, Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, and Tencent at a valuation of USD 3.1 billion.