Udan secures $114 mn from M&G, Lightspeed
The funds will be used to expand udan's presence across categories and customers, particularly targeting the Fast-Moving Consumer Goods (FMCG) sector and the Hotel, Restaurant, and Catering (HoReCa) segment, according to a company statement. "Udanwill also accelerate its private label brands initiatives in the staples category.
This capital raise will also fortify udan's balance sheet, providing enhanced financial flexibility as the company advances toward its public market debut.
"Over the last 3 years, we have transformed the business by building cost as a capability and a competitive advantage. We have reduced our EBITDA burn by 40 per cent every year for the last 3 years and are on track to achieve full group EBITDA profitability in the next 18 months," Vaibhav Gupta, Co-founder and CEO, udaan, said. With a network of retailers, suppliers, and brands nationwide, Udanenables supply chain and logistics operations, driven by technology and focused on B2B trade.
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