• News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

EvolutionX Debt Capital Invests $35-40 Mn In Udaan

The investment corpus is reportedly in the range of $35-40 million

Photo Credit :


Growth-stage debt financing platform EvolutionX Debt Capital has committed an investment into Bengaluru-based B2B e-commerce platform udaan, a joint statement said on Thursday. 

The companies, however, did not disclose the corpus, which is reportedly in the range of USD 35-40 million (about Rs 286-326 crore).  

udaan had secured another USD 120 million from existing shareholders and bondholders a fortnight back. Meanwhile, the total fund raised by udaan in the last four quarters comes to around USD 400 million. 

So far in 2022, the banking firm DBS and Singapore government-run investment firm Temasek backed EvolutionX had made a total commitment of USD 85 million (Rs 680 crore) in two tech unicorns in India.  

While venture debt has become a growing asset class in India, there is a clear gap in the growth debt space with EvolutionX emerging as a leading player to bridge this gap, said Rahul Shah, Partner at EvolutionX.

Shah said that udaan's business model holds immense growth potential while keeping technological innovation at its forefront. “We look forward to supporting the company's journey of transforming and improving India's huge ecosystem of retailers, traders, and wholesalers through innovative digitalised solutions," he further added. 

udaan Co-founder and CEO Vaibhav Gupta said the company witnessed robust growth in business during the last two consecutive quarters after achieving the milestone of positive unit economics in the previous quarter. 

"We will continue to invest in technology to further enhance customer experience, build additional capabilities to tap the potential of the kirana e-commerce market, and deploy capital in areas that will drive our future growth and profitability. We are excited to join hands with Rahul and his team at EvolutionX as long-term partners on this growth journey," Gupta said. 

EvolutionX's investment, alongside udaan's recent capital raise, will improve the company's financial strength as well as continue to drive its operational efficiencies with an enhanced focus on achieving profitable growth, the statement added. 

According to udaan, the company 3 million plus retailers across various categories including lifestyle, electronics, home and kitchen, staples, fruits & vegetables, FMCG, pharma and general merchandise. 

Tags assigned to this article:
Udaan B2B Commerce Company dbs bank temasek holding capital