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EvolutionX Debt Capital | Udaan: EvolutionX Debt Capital announces investment in udaan

MUMBAI: Growth stage debt financing platform EvolutionX Debt Capital has committed an investment into b2b eCommerce platform udaan with over 3 million retailers across various categories including lifestyle, electronics, home & kitchen, staples, fruits and vegetables, FMCG, pharma and general merchandise. 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.

EvolutionX is a pan-Asia debt fund for growth stage, technology-enabled companies. The fund seeks to accelerate the digitisation of Asia’s economy by investing into next generation technology leaders and empowering them to scale faster and expand into new markets. In early November 2022, EvolutionX announced its maiden investment in API Holdings, which is India’s largest digital healthcare platform and owns the PharmEasy brand. This investment into udaan is the second investment in India committed by EvolutionX since the platform’s launch and entry into the Asian growth debt space in late-2021.

Commenting on the investment, Rahul Shah, Partner and Co-Head leading investments across India and Southeast Asia for EvolutionX, said, “We continue to focus on our strategy of providing an alternative source of debt financing for technology companies to accelerate their growth and continue on their path to profitability. 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 and has already committed approximately $85 million (Rs 680 crore) in this quarter to category-leading technology companies led by promising founders and reputed investors. We believe that udaan’s business model holds immense growth potential while keeping technology 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”.

“The efficiency enhancement and structural cost-optimisation initiatives that we undertook last year have already started showing results. Post achieving the milestone of positive unit economics in the previous quarter, we have witnessed robust growth in business during the last two consecutive quarters. We will continue to invest in technology to further enhance customer experience & scale; build additional capabilities to tap the potential of the kirana eCommerce market; and deploy capital in areas that will drive our future growth and profitability,” stated Vaibhav Gupta, Co-founder & CEO, udaan.
EvolutionX provides amortising term debt facilities in the range of $20-50 million along with warrants or convertible instruments. The fund seeks to invest in technology companies in a wide array of sectors such as consumer, education, financial services, healthcare, logistics, and industrial development in India, China, and Southeast Asia. Headquartered in Singapore, EvolutionX has built a robust investment team in Singapore, as well as a team based in Mumbai, India in 2022 and intends to establish its presence in China in 2023.

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