udaan funding: Microsoft joins Udaan’s debt funding round

Bangalore: Microsoft Corporation has joined a debt financing round of over $200 million, according to a note sent to employees by Aditya Pandey, CFO of the business-to-business (B2B) e-commerce company.

“We are excited to announce that Microsoft Corporation joins our offering of convertible notes launched in October last year. M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samina Capital and Ishana Capital among others participated in the offering of convertible notes,” Pandey told Udaan in an internal note. ET has reviewed the email.

With this, Udaan has now raised a total of $225 million through convertible notes.

The tool will allow investors to convert their convertible notes into equity before the IPO, potentially at a later stage. In February, Vaibhav Gupta, co-founder and CEO of Udaan, told ET that the company was on track for its IPO by May 2023.

ET had reported in January that Tor Investments and Arena Investors participated in debt financing.

A spokesperson for Udaan confirmed the development without giving any further details on Microsoft’s investment.

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