Udaan, a B2B e-commerce firm, may go public on local stock exchanges early next year. According to Aditya Pande, Udaan’s Chief Financial Officer (CFO), the company is on track to go public in the next 12-18 months. BusinessToday. Pande’s note to staff was accessed, in which he also announced Microsoft’s participation in the capital raise via convertible notes.
“We are excited to announce that Microsoft Corporation joined our Convertible Notes offering launched in October last year. M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital and Ishana Capital amongst others participated in the Convertible Notes offering round. The Convertible Note offering launched in October 2021 witnessed 2X subscription, raised a total of ~$225 Million,” Pande stated.
“The step to bolster the balance sheet through mandatorily Convertible Notes to IPO highlights the continued evolution of Udaan’s capital strategy and is in line with our preparation for a public listing in the next 12-18 months. With the closure of the Convertible Notes round, total funds raised by Udaan through debt and Convertible Notes in the last 6 months has reached nearly USD 275 Million,” he added.
Udaan raised $280 million in a Series D round last year, led by Octahedron Capital and Moonstone Capital, with existing investors Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, and Tencent also participating.
The corporation was estimated to be worth $3.1 billion.