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Udaan, a business-to-business (B2B) e-commerce platform, raised $585 million from Tencent, Altimeter, Footpath Ventures, Hillhouse, GGV Capital and Citi Ventures.
Existing investors Lightspeed Venture Partners and DST Global also invested in the round, a statement from the company said. This takes the total funding raised by Udaan to $870 million since 2016.
The company enables small manufacturers, farmers, mills and brands to market their products across the country at a low cost with 100 per cent payment security and complete transparency.
It enables small businesses such as shops and kiranas to source from a selection of high-quality products at low prices with the convenience of e-commerce.
With this fundraise, Udaan will continue its long-term investment approach in building its platform.
“We are building Udaan as a trusted partner for small businesses across the country, to empower these entrepreneurs with technology, financial inclusivity, and supply chain capabilities to compete and win in an increasing tech and digital world,” said Udaan’s co-founders.
“Udaan’s unique approach can enhance the capabilities of millions of retail stores across India,” said Martin Lau, President of Tencent.
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