Udaan raises $50 million from Lightspeed, Yuri Milner

In a fresh round of funding led by existing investor Lightspeed Venture Partners US, Udaan, an online marketplace for businesses raised $50 million as it seeks to accelerate expansion.

Founded by three former top Flipkart employees, Udaan has picked up the huge cheque, especially so keeping in mind the skittish investor sentiments around India tech, from Lightspeed Venture Partners and Russian billionaire Yuri Milner who has come on board new in his personal capacity.

“We continue to be big believers in the team and market opportunity, and the company’s performance in terms of scale, growth dynamics, buyer/seller retention and frequency benchmarks to the best marketplace platforms we’ve seen globally,” said Lightpseed India Managing Director Bejul Somaia. Somaia and Ravi Mhatre from Lighspeed US led the $50 million investment.

Link Legal represented with a team led by Partner Manish Gupta along with Senior Associate Saiyam Chaturvedi Lightspeed Venture.

Udaan and its founders were advised by Nishith Desai Associates and the team was led by Partner Vaibhav Parikh along with Poonam Sharma

Khaitan & Co acted for other investors – Apoletto and Yuri Milner’s private fund. The Khaitan team included Partner Sharad Moudgal, Senior Associate Sanjay Khan Nagra and Associate BN Vivek.