Udaan turns to EvolutionX for a $40 million loan.

According to a person familiar with the situation, business-to-business (B2B) marketplace Udaan has received almost $40 million in new loans from early-stage financier EvolutionX Debt Capital. This comes on the heels of Udaan's $120 million fundraising campaign, which ended a fortnight ago.

Udaan

"With this, Udaan's total money raised in the previous four quarters have hit $400 million," the individual stated.

The debt investment, together with Udaan's recent capital raising, will boost the startup's financial health and promote operational efficiency, with an increased emphasis on achieving profitable growth, according to a release from EvolutionX.

EvolutionX announced its first debt investment into API Holdings, the parent company of PharmEasy, earlier this month.

Udaan funded $250 million in January, including $200 million in convertible notes and short-term debt that may be converted to equity and $50 million in debt.

Investors in the round included M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital, and Ishana Capital. In April, Microsoft Corporation participated in an extended round.

Udaan, a B2B trading platform catering to small and medium companies in the nation, was founded in 2016 by former Flipkart workers Amod Malviya, Sujeet Kumar, and Vaibhav Gupta.

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