Looks like Sujeet Kumar, Amod Malviya and Vaibhav Gupta’s determination to leap ship from Flipkart to deal with their very own enterprise is paying off.
The trio introduced this morning that their B2B e-commerce startup Udaan had raised $225 million in Series C funding co-led by DST Global and Lightspeed Venture Partners, with capital popping out of the latter’s development fund. The money infusion, according to Indian media reports, makes Udaan the fastest-ever Indian startup to be valued at over $1 billion.
Flipkart, one of the vital profitable e-commerce platforms out of India, sold to Walmart in a $16 billion deal earlier this year. Kumar, Malviya and Gupta, which have been the previous president of operations, CTO and SVP of enterprise finance and analytics at Flipkart, respectively, departed the corporate in 2016.
Shortly after establishing the B2B market, the three raised $10 million in a Series A led by Lightspeed in late 2016—then one other $50 million earlier this year, additionally led by Lightspeed, with participation from the enterprise capital agency’s India workplace.
Bejul Somaia, a managing director at Lightspeed India that’s been on the Bengaluru-based firm’s board since that A round, confirmed the most recent funding to TechCrunch.
“We have been fortunate to see the company scale very rapidly from close quarters,” Somaia advised me through electronic mail. “We’re drawn to the company’s first-principles approach to solving significant problems that are unique in the Indian context.”
Udaan’s cellular app connects 150,000 merchants, wholesalers and retailers in India, enabling small- and medium-sized companies to do enterprise immediately with producers. Right now, electronics and client items are on the market on the app, with plans for the corporate to make industrial items, contemporary fruit and veggies, workplace provides and extra accessible quickly.
At just 26 months of age, there are few companies which have raced—or let’s consider trotted—into the unicorn membership at such a velocity. Recent examples embody the 3D printing firm Desktop Metal, which crossed the edge 21 months after its founding. Plus, there’s the Craigslist competitor Letgo; it became a unicorn in just two years.
Indian startup unicorns, of which there are fewer, have traditionally taken longer to earn their unicorn horns.
On-demand supply platform Swiggy, for instance, became a unicorn earlier this year, about 4 years after it was based. Zomato, one other supply app, garnered a $1.4 billion valuation in 2017 after practically 10 years in enterprise.