B2B FinTech and eCommerce company udaan announced that Microsoft has joined the company’s debt financing round, The Economic Times reported Monday (April 18).
udaan is an up-and-coming Indian B2B platform that operates in a variety of industries, including electronics, home and kitchen, food and more.
Microsoft’s contribution has brought the total of udaan’s debt to $225 million through convertible notes, according to the report.
udaan plans to use this funding to allow investors to flip their convertible notes into equity at a later time, potentially before the company’s initial public offering (IPO) in May 2023, the report stated.
udaan announced its plans to go public in February, with CEO Vaibhav Gupta telling The Economic Times, “I feel good about the journey towards the IPO … I feel that on the business side, on the team side, and on the capital side, we are progressing well towards that.”
In other news, Stripe announced earlier this month that former Microsoft President of the Digital Transformation Platform Group James Phillips is joining the company as the new president of financial services.
Read more: Microsoft’s James Phillips to Become Stripe’s President of Financial Services
“The economy is undergoing a fundamental shift, as organizations adapt their business models to fully take advantage of software, mobile, machine learning, and the internet: companies are building stronger relationships with their consumers, expanding internationally, distributing financial services, and automating their supply chains,” Phillips said at the time. “Stripe is ideally positioned to serve as the engine behind these opportunities. I look forward to working alongside the entire financial services team as we continue to build out Stripe’s platform for the decades ahead.”
In March, udaan formed a strategic partnership with supply chain Software-as-a-Service (SaaS) firm Unicommerce to provide the latest technology for inventory and order management to merchants selling lifestyle goods on udaan’s marketplace as well as from others on Unicommerce’s centralized platform.
See more: Unicommerce Teams With B2B eCommerce Platform Udaan
NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022
About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.