India’s Udaan secures $160 million in new funding as it races to fix its balance sheet before an IPO
TL;DR
Indian B2B ecommerce firm Udaan raised $160M combining fresh equity, debt, and bond conversions to clean up its balance sheet ahead of an IPO.
Indian B2B ecommerce platform Udaan has secured $160 million in a funding round that combines fresh equity from a new investor, additional debt, and the conversion of existing convertible bonds into equity, according to Bloomberg. Lightspeed Venture Partners and M&G Investments are participating in the round. The deal is designed to clean up Udaan’s balance sheet ahead of a planned initial public offering that the company expects within the next two years.
The timing matters because Udaan defaulted on $170 million in convertible notes that matured on June 30, according to Business Standard reporting from earlier this month. Under the new arrangement, a new investor is providing fresh equity while existing bondholders are converting their holdings into shares. Bondholders who chose not to convert have...
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