B2B space is emerging as 40 per cent of the startups are focused on this segment, as per NASSCOM research study. An e-commerce platform Udaan operating in this space has recently raised funding of $50 million in Series B funding round led by Lightspeed Venture Partners and Yuri Milners Apoletto.
In 2016, the Bengaluru-based startup Udaan was founded by Vaibhav Gupta, Amod Malviya, and Sujeet Kumar. The startup provides a platform where businesses can connect with sellers of consumer goods like apparel, electronics, FMCG etc. The company has a database of manufacturers and sellers from over 80 cities and distributing these products in 500 cities. The startup provides logistics services and now also ventured into lending services. The startup plans to use the raised funding to expand its operations by adding new team members, improving their technology and expanding their services.
Kumar said, "B2B e-commerceis a big market opportunity with 500 million SMEs doing annual trade worth of $600-800 billion. Inefficiencies need to be solved in the areas of distribution, sales, and marketing, among others."
The company was formally launched last year and has shown tremendous growth in this limited time period.
Bejul Somaia, Managing Director at Lightspeed Venture Partners, India, "Based on the companys progress, traction and validation of buyer/seller behaviour, as well as our strong belief in the team and market opportunity, Lightspeed is excited to invest in the Series B.