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Microsoft joins Udaan’s debt funding round
April 19, 2022
Microsoft Corporation has joined Udaan’s debt financing round of over $200 million, as indicated by a note sent to employees by Aditya Pande, CFO of the business-to-business (B2B) e-commerce organization.
“We are eager to announce that Microsoft Corporation joined our convertible notes offering launched in October last year. M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital, and Ishana Capital among others partook in the convertible notes offering round,” Pande told Udaan in an internal note. ET has evaluated the email.
With this, Udaan has now raised an aggregate of $225 million through convertible notes.
This instrument will allow investors to flip their convertible notes into value at a later stage, possibly before the IPO. In February, Udaan co-founder and CEO Vaibhav Gupta let ET know that the organization was on target for its IPO by May 2023.
ET had announced about Tor Investment and Arena Investors partaking in the debt financing in January.
A representative of Udaan confirmed the development without giving any further details on Microsoft’s investment.
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