Catamaran Ventures is reportedly planning to buy a 2-3 percent stake in Udaan.
April 02, 2021 / 01:46 PM IST
Infosys founder NR Narayana Murthy’s Catamaran Ventures is considering buying a small minority stake in the business-to-business marketplace Udaan.
Catamaran Ventures might buy the stake from some employees of Udaan who are looking to offload their vested stock options, according to the Economic Times report.
The private investment firm might buy a 2-3 percent stake, and due diligence on the transaction has begun, the report said.
“This is a completely secondary transaction. Some employees might sell part stake to bring on board Catamaran,” a source told the publication.
Moneycontrol could not independently verify the story.
“As a responsible organisation, we do not comment on market rumours or premature transactions,” a representative for Udaan told The Economic Times.
MD Ranganath, president of Catamaran Ventures, had not yet responded when contacted by the paper.
Udaan was valued at $ 3.2 billion when it raised $ 280 million Series D funding round in January.
Udaan’s investors include Octahedron Capital, Moonstone Capital, Lightspeed Venture Partners, partners of DST Global, GGV Capital, Altimeter Capital Hillhouse Capital, Footpath Ventures, Citi Ventures and Tencent.
Founded in 2016, Udaan has raised $ 1.15 billion till date.