Udaan Funding: Microsoft Joins Udaan Debt Funding Round
“We are delighted to announce that Microsoft Corporation has joined our convertible note offering launched in October last year. M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital and Ishana Capital, among others, participated to the convertible note offering,” Pande told Udaan in an internal memo ET reviewed the email.
With that, Udaan has now raised a total of $225 million through convertible notes.
This instrument will allow investors to transform their convertible bonds into shares at a later stage, possibly before the IPO. In February, Udaan co-founder and CEO Vaibhav Gupta told ET that the company was on track to go public by May 2023.
ET had reported that Tor Investment and Arena Investors participated in the debt financing in January.
A Udaan spokesperson confirmed the development without giving further details on Microsoft’s investment.
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