Udaan, an Indian B2B e-commerce platform, announced about $160M in financing combining fresh equity, new debt, and debt-to-equity conversion to strengthen its balance sheet ahead of a planned public listing. Existing shareholders and a new investor are putting in fresh equity, some convertible bondholders will convert debt to equity, and the rest of the bonds will be extended on revised terms, with a major investment manager committing about $45M through private credit. Udaan says the deal simplifies its capital structure and follows operational gains over 10 quarters, including roughly 25% revenue CAGR, a 500-basis-point contribution-margin improvement, and about 70% lower EBITDA burn since late 2023. Completion remains subject to customary closing conditions and regulatory approvals.
