India, July 14 -- B2B ecommerce unicorn Udaan has announced a financing worth about $160 Mn as it looks to strengthen its balance sheet and simplify its capital structure while dealing with debt obligations.

The proposed transaction comprises fresh equity, new debt and debt-to-equity conversion.

The startup said that existing investors, along with a new investor, are expected to participate in the funding round. Meanwhile, some existing bondholders will convert a portion of their debt into equity. The remaining bonds will be extended on revised terms.

It claimed that "one of the world's leading investment management firms" has committed about $45 Mn through its private credit platform as part of the transaction. The details of investor...