Udaan is India's largest B2B e-commerce platform, supplying kirana stores and small retailers across FMCG, HoReCa, fresh produce, staples and pharmaceuticals through a regional cluster-led operating model. Consolidated under Hiveloop Ecommerce ahead of a planned public listing.
1StartupFox story
2016Founded
B2B E-commerceSector
May 2026Latest coverage
Funding
Udaan has raised $349M across 3 disclosed rounds, most recently a Pre-IPO financing in 14 Jul 2026.
$349MRaised
Pre-IPO financingLatest round · 14 Jul 2026
$1.8BValuation
3Events
Pre-IPO financing14 Jul 2026confirmed
$160M
InvestorsM&G Investments, Lightspeed Venture Partners, BlackRock (new investor, per reports)
Valuation
Supersedes the $50–60M top-up reported in talks in May 2026; includes fresh equity, fresh debt and partial conversion of convertible bonds, plus ~$45M committed separately via a global asset manager's private-credit platform
Tap any bar to see that round
~$1.8B (flat)
14 Jul 2026Pre-IPO financing$160MM&G Investments, Lightspeed Venture Partners, BlackRock (new investor, per reports)Business Standard ↗
Jun 2025Series G (close)$114MM&G Investments & Lightspeed (leads), existing and new investors ~$1.8B (flat)Business Standard ↗
Feb 2025Series G (first tranche)$75MM&G, Lightspeed Venture Partners, existing investorsBusiness Standard ↗
Investor roster
Every disclosed backer and how often they've written a cheque — repeat names are the strongest conviction signal on the cap table.
New · Latest leadM&G Investments1 round · 2026
Lightspeed Venture Partners2 rounds · since 2025
BlackRock (new investor1 round · 2026
per reports)1 round · 2026
existing and new investors1 round · 2025
existing investors1 round · 2025
M&G1 round · 2025
M&G Investments & Lightspeed (leads)1 round · 2025
Aggregated automatically from the disclosed rounds above.
Leadership
VGVaibhav GuptaCo-founder · CEO
The Udaan journey
2016 · founded
Founded in Bengaluru by Vaibhav Gupta.
Feb 2025 · funding
Series G (first tranche) — $75M, led by M&G.
Jun 2025 · funding
Series G (close) — $114M at ~$1.8B (flat), led by M&G Investments & Lightspeed (leads).
14 Jul 2026 · funding
Pre-IPO financing — $160M, led by M&G Investments.
IPO Watchreported
StatusIPO-bound
ExpectedPost-profitability (net profitability targeted within 15–18 months as of mid-2026)
Total raised $1.88B+. FY25 EBITDA burn cut ~40%, falling further in FY26. NCLT-approved consolidation into Hiveloop Ecommerce cleared the structure for listing; Jul 2026's $160M transaction deleveraged the balance sheet ahead of the debut. Source ↗
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Udaan is India's largest B2B e-commerce platform, supplying kirana stores and small retailers across FMCG, HoReCa, fresh produce, staples and pharmaceuticals through a regional cluster-led operating model. Consolidated under Hiveloop Ecommerce ahead of a planned public listing.
Who founded Udaan?
Udaan is associated with Vaibhav Gupta.
How much funding has Udaan raised?
Udaan has raised $349M across 3 disclosed rounds. The most recent was a $160M Pre-IPO financing in 14 Jul 2026.
Who are Udaan's investors?
Disclosed investors in Udaan include M&G Investments, Lightspeed Venture Partners, BlackRock (new investor, per reports), M&G Investments & Lightspeed (leads), existing and new investors, M&G, existing investors.
What is Udaan's valuation?
Udaan was last reported at ~$1.8B (flat), at the time of its Series G (close) in Jun 2025.
What is the status of the Udaan IPO?
IPO-bound. (As reported; not confirmed by the company.)
What is the latest news on Udaan?
The most recent StartupFox coverage is “Udaan in Talks to Raise $50-60 Million From Lightspeed and M&G Ahead of IPO” (25 May 2026). All stories are listed on this page.
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