Private Equity Liquidity Events
B2B e-commerce unicorn Udaan acquires retail-tech startup ShopKirana
Source DIRECT (opens in a new tab)Economic Times (opens in a new tab)
Economic Times Bengaluru-based B2B (business-to-business) e-commerce major Udaan has acquired Indore-based B2B grocery startup DIRECT (earlier ShopKirana) in an all-stock transaction. Post the acquisition, Info Edge will join Udaan as a shareholder.The latest acquisition follows the closure of Udaan’s USD 114 million Series G fundraise, led by M&G Investments and LightspeedFounded in 2015, DIRECT focuses on digitizing procurement for kirana stores across tier II and III cities.
Company website ↗ (opens in a new tab)
Between Dec 2016 and Jan 2022, ShopKirana had attracted about USD 51 M from AET Fund, Gunosy Capital, Incubate Fund Asia, Info Edge, NB Ventures, Oman India Joint Investment Fund, Sixth Sense Ventures, Trifecta Capital and others.For FY24, ShopKirana had reported about INR 643 Cr in Operating Income and about INR 55 Cr in Net Loss.