B2B ecommerce major Udaan today said it has marked the final close of its Series G funding round at $114 Mn (around INR 974 Cr).

The round was raised in two tranches. While in the first tranche the startup secured Partners, in the second round it bagged $39 Mn from existing and new investors.

With the newly raised capital, Udaan plans to bolster its category and customer footprint, focused on the fast-moving consumer goods (FMCG) and hotel, restaurant, and catering (HoReCa) customer segments.

Additionally, the funds will be deployed in scaling up the startup’s private label brands initiatives in the staples category. Apart from this, the proceeds will help in fuelling its initial public offering (IPO) plans.

Vaibhav Gupta, cofounder and chief executive of Udaan, said, “We have reduced our EBITDA burn by 40% every year for the last three years and are on track to achieve full group EBITDA profitability in the next 18 months.”

Founded in 2016 by Gupta, Sujeet Kumar and Amod Malviya, Udaan enables supply chain and logistics operations focused on B2B trade. It claims to enable daily delivery across over 1,000 cities and 12,500 pin codes through Udaan Express.

(The story will be updated soon)

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