Udaan raises $120 million through convertible bonds

31 Oct 2022 , 07:03 AM

Udaan, a business-to-business (B2B) e-commerce startup, said in an internal email to staff that it had secured $120 million through convertible notes and loans from current owners and bondholders.

Udaan has successfully funded more than $350 million using convertible notes and debt, making it one of the largest structured instrument fund fundraisers in the nation, according to Pande.

Udaan’s CEO, Vaibhav Gupta, had previously disclosed to ET in February that the company intended to go public in May 2023. The IPO was anticipated to be delayed by at least two more quarters, according to a report from ET on October 12.