India-based business-to-business e-commerce portal Udaan has raised USD585 million in a Series D funding round from corporate investors Tencent Holdings and Citi Ventures, as well venture capital fund managers Altimeter Capital, Footpath Ventures, Hillhouse Capital Management, GGV Capital, Lightspeed Venture Partners, and DST Global. Udaan plans to use the new funds to enhance its marketplace, payments capabilities, delivery fulfillment services, and financing products for small and medium-sized businesses. The deal reportedly values the company at USD2.7 billion. Udaan previously raised a USD225 million Series C funding round from Lightspeed and DST Global in September 2018.