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Udaan raises $160M, simplifies cap table ahead of IPO
Udaan is raising $160M in equity, debt and conversion. The B2B platform says the deal simplifies its cap table and strengthens its balance sheet ahead of a planned public listing.
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B2B e-commerce platform Udaan is raising about $160 million in a mix of fresh equity, new debt and debt-to-equity conversion. The company said the transaction will simplify its capital structure and strengthen its balance sheet as it moves closer to a public listing.
Existing shareholders and one new investor are putting in fresh equity. Some convertible bondholders will convert part of their outstanding debt into equity, while the rest of the bonds will be extended on revised terms. One of the world's largest investment managers has committed roughly $45 million through its private credit platform, Udaan said.
The Bengaluru-based company reported operational improvements over the last 10 quarters. Between the fourth quarter of 2023 and the first quarter of 2026, revenue grew at a compound annual rate of about 25%, contribution margins improved by nearly 500 basis points, and EBITDA burn fell by roughly 70%. Several of its largest operating cities and clusters are already EBITDA profitable.