udaan funding: Microsoft joins Udaan’s debt funding round

Bengaluru: Microsoft Corporation has joined Udaan’s debt financing round of over $200 million, according to a note sent to employees by Aditya Pande, CFO of the business-to-business (B2B) ecommerce company.

“We are excited to announce that Microsoft Corporation joined our convertible notes offering launched in October last year. M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital and Ishana Capital amongst others participated in the convertible notes offering round,” Pande told Udaan in an internal note. ET has reviewed the email.

With this, Udaan has now raised a total of $225 million through convertible notes.

This instrument will allow investors to flip their convertible notes into equity at a later stage, potentially before the IPO. In February, Udaan cofounder and CEO Vaibhav Gupta
told ET that the company was on track for its IPO by May 2023.

ET had reported about Tor Investment and Arena Investors participating in the debt financing in January.

A spokesperson of Udaan confirmed the development without giving any further details on Microsoft’s investment.

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