Udaan eyes $100 million from UK’s M&G and others at flat value
investment firm M&G Prudential is in talks to lead a new funding round of $80-100 million for Bengaluru-based business-to-business (B2B) ecommerce firm Udaan, several people aware of the development told ET.
The new funding round, when closed, will boost the UK-based company's shareholding in Udaan from about 15% now, the people cited earlier said. M&G Prudential is the second largest shareholder in the company after Lightspeed Venture Partners, which holds about 40% stake.
Udaan, which saw a 44% cut in valuation at around $1.8 billion last year, may see the latest round at the same flat valuation, the sources said, adding that a term-sheet has been signed and the deal contours are being finalised.
“Term-sheet has been signed and the round could get to around $100 million, depending on if any major new investor joins,” said one of the people cited earlier. “There are some conversations with some family offices as well.”
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