- Udaan is in discussions with UK-based savings and investment firm M&G Prudential for a new equity round, which is expected to be in the range of $100 million to $150 million.
- This fundraising round is likely to result in a lower valuation for Udaan, potentially bringing it below $2 billion, down from its previous peak valuation of $3.2 billion.
- In FY23, Udaan experienced a 43% decline in operating revenue, with it dropping to INR 5,609 crore from INR 9,897.3 crore in FY22.
- Udaan, a major player in the B2B e-commerce sector, has faced challenges in raising funds recently.
- The involvement of M&G Prudential could provide much-needed support to Udaan’s financial situation.