Udaan announces $160 million financing

B2B ecommerce platform Udaan announced a proposed $160 million financing transaction.

The financing includes about $50 million in fresh equity from Lightspeed Venture Partners and M&G Prudential.

About $50 million in private credit will come from BlackRock through its private-credit platform.

Approximately $60 million of existing debt will be converted into equity to reduce debt and simplify capital structure.

Udaan has increased focus on higher-margin private-label products, which account for 15% to 25% of staples sales.