Udaan Raises $114M in Series G to Power FMCG Push and Fast-Track IPO Plans
• Raised $114 million in Series G funding led by M&G Investments and Lightspeed.
• Strong growth metrics 60% YoY growth in CY24 and consistent improvement in contribution margins.
• Strengthening balance sheet and scaling FMCG, HoReCa, and private labels ahead of public listing.
Udaan, India's largest B2B e-commerce company, has concluded its Series G funding round in strong terms, having raised $114 million in equity capital. M&G Investments and Lightspeed led the round, with new and existing investors joining in reflecting sustained investor faith in Udaan's long-term vision and imminent journey towards a public listing.
The fresh capital infusion will be utilized towards enlarging Udaan's presence in priority categories and customer bases, specifically Fast-Moving Consumer Goods (FMCG) and Hotel, Restaurant, and Catering (HoReCa) segments. The firm also intends to expand its private label brands in the staples category. Moreover, the investment will further fortify its balance sheet, adding financial flexibility as Udaan looks to go public.
With a deep emphasis on "profitable growth at scale," Udaan is following a regional cluster-driven model to establish a sustainable and scalable B2B commerce business. The firm achieved more than 60% year-over-year revenue growth in CY 2024, along with a 300+ basis point increase in contribution margin. In CY 2025 to date, it has delivered another 100+ bps expansion in margin, and a 20% decline in fixed costs leading to a 40% reduction in last year's EBITDA burn and another 20% reduction year to date.
Vaibhav Gupta, Co-founder and CEO of Udaan, remarked, “Over the past three years, we’ve transformed Udaan by making cost-efficiency a strategic advantage. We’ve reduced EBITDA burn by 40% each year, and we’re on course to achieve full EBITDA profitability across the group within the next 18 months.”
He said Udaan's hybrid model insanely strong e-commerce app merged with a tech-based salesforce has become the gold standard in eB2B space, driving high ROI, wallet growth, and fruitful partnerships of brands. The Series G funding will further expedite investments in Udaan's technology platform and sales infrastructure to further entrench its customer value proposition.
• Strong growth metrics 60% YoY growth in CY24 and consistent improvement in contribution margins.
• Strengthening balance sheet and scaling FMCG, HoReCa, and private labels ahead of public listing.
Udaan, India's largest B2B e-commerce company, has concluded its Series G funding round in strong terms, having raised $114 million in equity capital. M&G Investments and Lightspeed led the round, with new and existing investors joining in reflecting sustained investor faith in Udaan's long-term vision and imminent journey towards a public listing.
The fresh capital infusion will be utilized towards enlarging Udaan's presence in priority categories and customer bases, specifically Fast-Moving Consumer Goods (FMCG) and Hotel, Restaurant, and Catering (HoReCa) segments. The firm also intends to expand its private label brands in the staples category. Moreover, the investment will further fortify its balance sheet, adding financial flexibility as Udaan looks to go public.
With a deep emphasis on "profitable growth at scale," Udaan is following a regional cluster-driven model to establish a sustainable and scalable B2B commerce business. The firm achieved more than 60% year-over-year revenue growth in CY 2024, along with a 300+ basis point increase in contribution margin. In CY 2025 to date, it has delivered another 100+ bps expansion in margin, and a 20% decline in fixed costs leading to a 40% reduction in last year's EBITDA burn and another 20% reduction year to date.
Vaibhav Gupta, Co-founder and CEO of Udaan, remarked, “Over the past three years, we’ve transformed Udaan by making cost-efficiency a strategic advantage. We’ve reduced EBITDA burn by 40% each year, and we’re on course to achieve full EBITDA profitability across the group within the next 18 months.”
He said Udaan's hybrid model insanely strong e-commerce app merged with a tech-based salesforce has become the gold standard in eB2B space, driving high ROI, wallet growth, and fruitful partnerships of brands. The Series G funding will further expedite investments in Udaan's technology platform and sales infrastructure to further entrench its customer value proposition.
