Udaan valuation, funding and investors

Udaan works in B2B marketplace platform development, based in Bengaluru, India. Founded in 2016, it has about 10,700 employees.

Groceries Series G

VALUATION · TODAY

$2.14B −7% after Series G

Range $1.25B – $2.55B · Grade B

TODAY

+12 MO

$2.00B

$4.00B

$6.00B

$8.00B

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Series A $10.0M

Series B $50.0M

Series C $225M

Series D $280M

Series E $340M

Series G $114M

ValuationBefore first round12-month outlook: where it points, how wide it fansHover the past: the outlook shows what was predicted then

HEADCOUNT · TODAY10,651 employees

−1%6m growth

−1%1y growth

−11%2y growth

5,000

10k

15k

Data from Jan 2021

TODAY

Predicted in 1 yr $1.98B −7% vs today

Predicted next raise $295M if a round comes

Winding-down probability 24%

Last round: Series G · $114M · Jun 2025
Valuation at last round: $1.80B
Headcount: 10,651 · flat
Grade: B
Founded: 2016

How VCMC values companies →

Udaan valuation today

VCMC values Udaan at $2.1B today, with a range of $1.3B to $2.6B and a grade of B. The valuation starts from its last funding round, a Series G round in Jun 2025.

Valuation by date (137 rows)

Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.

Udaan: valuation by date, as the model would have shown it on each date
Date	Valuation	Range	Predicted in 1 yr	Phase	Headcount	Trend	Grade	Winding-down probability
1 Jan 2016	$2.13M	$0.78M – $5.85M	$2.55M (+20%)	before first round	–	unknown	D	0%
1 Feb 2016	$2.14M	$0.78M – $5.88M	$2.62M (+23%)	before first round	–	unknown	D	0%
1 Mar 2016	$2.15M	$0.78M – $5.90M	$2.69M (+25%)	before first round	–	unknown	D	0%
1 Apr 2016	$2.16M	$0.78M – $5.92M	$2.76M (+28%)	before first round	–	unknown	D	0%
1 May 2016	$2.16M	$0.79M – $5.95M	$2.84M (+31%)	before first round	–	unknown	D	0%
1 Jun 2016	$2.17M	$0.79M – $5.97M	$2.91M (+34%)	before first round	–	unknown	D	0%
1 Jul 2016	$2.18M	$0.79M – $5.99M	$2.99M (+37%)	before first round	–	unknown	D	0%
1 Aug 2016	$2.24M	$0.82M – $6.15M	$3.07M (+37%)	before first round	–	unknown	D	0%
1 Sep 2016	$2.30M	$0.84M – $6.32M	$3.15M (+37%)	before first round	–	unknown	D	0%
1 Oct 2016	$2.36M	$0.86M – $6.48M	$3.24M (+37%)	before first round	–	unknown	D	0%
1 Nov 2016	$2.42M	$0.88M – $6.66M	$3.32M (+37%)	before first round	–	unknown	D	0%
24 Nov 2016	$48.4M	$31.7M – $132M	$87.0M (+80%)	after a round	–	unknown	C	0%
1 Dec 2016	$48.9M	$31.7M – $132M	$87.0M (+78%)	after a round	–	unknown	C	0%
1 Jan 2017	$51.4M	$31.7M – $132M	$87.0M (+69%)	after a round	–	unknown	C	0%
1 Feb 2017	$54.1M	$31.7M – $132M	$87.0M (+61%)	after a round	–	unknown	C	0%
1 Mar 2017	$56.6M	$31.7M – $132M	$87.0M (+54%)	after a round	–	unknown	C	0%
1 Apr 2017	$59.5M	$31.7M – $132M	$87.0M (+46%)	after a round	–	unknown	C	0%
1 May 2017	$62.4M	$31.7M – $132M	$87.0M (+39%)	after a round	–	unknown	C	0%
1 Jun 2017	$65.6M	$31.7M – $132M	$87.0M (+33%)	after a round	–	unknown	C	0%
1 Jul 2017	$68.8M	$31.7M – $132M	$87.0M (+26%)	after a round	–	unknown	C	0%
1 Aug 2017	$72.4M	$31.7M – $132M	$87.0M (+20%)	after a round	–	unknown	C	0%
1 Sep 2017	$76.1M	$31.7M – $132M	$87.0M (+14%)	after a round	–	unknown	C	0%
1 Oct 2017	$79.8M	$31.7M – $132M	$87.0M (+9%)	after a round	–	unknown	C	0%
1 Nov 2017	$83.9M	$31.7M – $132M	$87.0M (+4%)	after a round	–	unknown	C	0%
1 Dec 2017	$87.0M	$31.3M – $132M	$87.0M (0%)	after a round	–	unknown	C	0%
1 Jan 2018	$87.0M	$29.8M – $132M	$87.0M (0%)	after a round	–	unknown	C	0%
1 Feb 2018	$87.0M	$28.3M – $132M	$87.0M (0%)	after a round	–	unknown	C	0%
22 Feb 2018	$214M	$151M – $456M	$321M (+50%)	after a round	–	unknown	B	0%
1 Mar 2018	$216M	$151M – $456M	$321M (+49%)	after a round	–	unknown	B	0%
1 Apr 2018	$224M	$151M – $456M	$321M (+44%)	after a round	–	unknown	B	0%
1 May 2018	$231M	$151M – $456M	$321M (+39%)	after a round	–	unknown	B	0%
1 Jun 2018	$239M	$151M – $456M	$321M (+34%)	after a round	–	unknown	B	0%
1 Jul 2018	$247M	$151M – $456M	$321M (+30%)	after a round	–	unknown	B	0%
1 Aug 2018	$256M	$151M – $456M	$321M (+25%)	after a round	–	unknown	B	0%
1 Sep 2018	$1.0B	$869M – $1.5B	$1.3B (+30%)	after a round	–	unknown	A	0%
2 Sep 2018	$1.0B	$869M – $1.5B	$1.3B (+30%)	after a round	–	unknown	A	0%
1 Oct 2018	$1.0B	$869M – $1.5B	$1.3B (+27%)	after a round	–	unknown	A	0%
1 Nov 2018	$1.0B	$869M – $1.5B	$1.3B (+24%)	after a round	–	unknown	A	0%
1 Dec 2018	$1.1B	$869M – $1.5B	$1.3B (+22%)	after a round	–	unknown	A	0%
1 Jan 2019	$1.1B	$869M – $1.5B	$1.3B (+19%)	after a round	–	unknown	A	0%
1 Feb 2019	$1.1B	$869M – $1.5B	$1.3B (+16%)	after a round	–	unknown	A	0%
1 Mar 2019	$1.1B	$869M – $1.5B	$1.3B (+14%)	after a round	–	unknown	A	0%
1 Apr 2019	$1.2B	$869M – $1.5B	$1.3B (+12%)	after a round	–	unknown	A	0%
1 May 2019	$1.2B	$869M – $1.5B	$1.3B (+9%)	after a round	–	unknown	A	0%
1 Jun 2019	$1.2B	$869M – $1.5B	$1.3B (+7%)	after a round	–	unknown	A	0%
1 Jul 2019	$1.2B	$869M – $1.5B	$1.3B (+5%)	after a round	–	unknown	A	0%
1 Aug 2019	$1.3B	$869M – $1.5B	$1.3B (+2%)	after a round	–	unknown	A	0%
1 Sep 2019	$1.3B	$869M – $1.5B	$1.3B (0%)	after a round	–	unknown	A	0%
1 Oct 2019	$1.3B	$832M – $1.5B	$1.3B (0%)	after a round	–	unknown	A	0%
1 Nov 2019	$1.3B	$794M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 Dec 2019	$1.3B	$759M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 Jan 2020	$1.3B	$725M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 Feb 2020	$1.3B	$692M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 Mar 2020	$1.3B	$662M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 Apr 2020	$1.3B	$632M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 May 2020	$1.3B	$605M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 Jun 2020	$1.3B	$577M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 Jul 2020	$1.3B	$552M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 Aug 2020	$1.3B	$527M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 Sep 2020	$1.3B	$477M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 Oct 2020	$1.3B	$454M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
1 Nov 2020	$1.3B	$431M – $1.5B	$1.3B (0%)	after a round	–	unknown	C	0%
1 Dec 2020	$1.3B	$411M – $1.5B	$1.3B (0%)	after a round	–	unknown	C	0%
1 Jan 2021	$1.3B	$390M – $1.5B	$1.3B (0%)	after a round	6,700	unknown	C	0%
7 Jan 2021	$3.1B	$2.7B – $4.6B	$4.0B (+30%)	after a round	6,700	unknown	A	0%
1 Feb 2021	$3.2B	$2.7B – $4.6B	$4.0B (+28%)	after a round	6,700	unknown	A	0%
1 Mar 2021	$3.2B	$2.7B – $4.6B	$4.0B (+25%)	after a round	6,700	unknown	A	0%
1 Apr 2021	$3.3B	$2.7B – $4.6B	$4.0B (+22%)	after a round	6,700	flat	A	0%
1 May 2021	$3.4B	$2.7B – $4.6B	$4.0B (+20%)	after a round	6,700	flat	A	0%
1 Jun 2021	$3.4B	$2.7B – $4.6B	$4.0B (+17%)	after a round	6,700	flat	A	0%
1 Jul 2021	$3.5B	$2.7B – $4.6B	$4.0B (+15%)	after a round	6,700	flat	A	0%
1 Aug 2021	$3.6B	$2.7B – $4.6B	$4.0B (+12%)	after a round	6,700	flat	A	0%
1 Sep 2021	$3.7B	$2.7B – $4.6B	$4.0B (+10%)	after a round	6,700	flat	A	0%
1 Oct 2021	$3.8B	$2.7B – $4.6B	$4.0B (+7%)	after a round	6,700	flat	A	0%
1 Nov 2021	$3.8B	$2.7B – $4.6B	$4.0B (+5%)	after a round	6,700	flat	A	0%
1 Dec 2021	$3.9B	$2.7B – $4.6B	$4.0B (+3%)	after a round	6,700	flat	A	0%
1 Jan 2022	$4.0B	$2.7B – $4.6B	$4.0B (0%)	after a round	6,700	flat	A	0%
1 Feb 2022	$4.5B	$2.7B – $5.2B	$4.5B (0%)	after a round	11,000	growing	B	0%
1 Mar 2022	$4.5B	$2.8B – $5.2B	$4.5B (0%)	after a round	11,000	growing	B	0%
1 Apr 2022	$4.5B	$2.8B – $5.2B	$4.5B (0%)	after a round	11,000	growing	B	0%
1 May 2022	$4.5B	$2.8B – $5.2B	$4.5B (0%)	after a round	11,000	growing	A	0%
1 Jun 2022	$4.5B	$2.9B – $5.2B	$4.5B (0%)	after a round	11,000	growing	A	0%
1 Jul 2022	$4.5B	$2.9B – $5.2B	$4.5B (0%)	after a round	11,000	growing	A	0%
1 Aug 2022	$4.5B	$3.0B – $5.2B	$4.5B (0%)	after a round	11,000	growing	A	0%
1 Sep 2022	$4.5B	$3.0B – $5.2B	$4.5B (0%)	after a round	11,000	growing	A	0%
1 Oct 2022	$4.5B	$3.1B – $5.2B	$4.5B (0%)	after a round	11,000	growing	A	0%
1 Nov 2022	$4.5B	$1.9B – $5.2B	$4.5B (0%)	after a round	11,000	unknown	B	0%
1 Dec 2022	$4.5B	$1.8B – $5.2B	$4.5B (0%)	after a round	11,000	unknown	B	0%
1 Jan 2023	$4.6B	$1.8B – $5.3B	$4.6B (0%)	after a round	12,000	flat	B	0%
1 Feb 2023	$4.6B	$1.6B – $5.3B	$4.6B (0%)	after a round	12,000	flat	B	0%
1 Mar 2023	$4.6B	$1.5B – $5.3B	$4.5B (-1%)	after a round	12,000	flat	C	0%
1 Apr 2023	$4.6B	$1.5B – $5.3B	$4.5B (-2%)	after a round	12,000	flat	C	0%
1 May 2023	$4.6B	$1.4B – $5.3B	$4.5B (-2%)	after a round	12,000	flat	C	0%
1 Jun 2023	$4.6B	$1.3B – $5.3B	$4.5B (-3%)	after a round	12,000	flat	C	0%
1 Jul 2023	$4.6B	$1.3B – $5.3B	$4.4B (-3%)	after a round	12,000	flat	C	0%
1 Aug 2023	$4.6B	$1.2B – $5.3B	$4.4B (-4%)	after a round	12,000	flat	C	0%
1 Sep 2023	$4.6B	$1.1B – $5.3B	$4.6B (0%)	after a round	12,000	unknown	C	0%
1 Oct 2023	$4.6B	$1.1B – $5.3B	$4.3B (-7%)	after a round	12,000	flat	C	0%
1 Nov 2023	$4.6B	$1.0B – $5.3B	$4.2B (-8%)	after a round	12,000	flat	C	0%
1 Dec 2023	$4.6B	$980M – $5.3B	$4.2B (-9%)	after a round	12,000	flat	C	0%
15 Dec 2023	$3.7B	$2.6B – $6.8B	$4.8B (+30%)	after a round	12,000	flat	B	0%
1 Jan 2024	$3.8B	$2.6B – $6.8B	$4.8B (+28%)	after a round	12,000	flat	B	0%
1 Feb 2024	$3.8B	$2.6B – $6.8B	$4.8B (+26%)	after a round	12,000	flat	B	0%
1 Mar 2024	$3.9B	$2.6B – $6.8B	$4.8B (+23%)	after a round	12,000	flat	B	0%
1 Apr 2024	$4.0B	$2.6B – $6.8B	$4.8B (+20%)	after a round	12,000	flat	B	0%
1 May 2024	$4.1B	$2.6B – $6.8B	$4.8B (+18%)	after a round	12,000	flat	B	0%
1 Jun 2024	$4.2B	$2.6B – $6.8B	$4.8B (+15%)	after a round	12,000	flat	B	0%
1 Jul 2024	$4.3B	$2.6B – $6.8B	$4.8B (+13%)	after a round	12,000	flat	B	0%
1 Aug 2024	$4.4B	$2.6B – $6.8B	$4.8B (+10%)	after a round	12,000	flat	B	0%
1 Sep 2024	$4.5B	$2.6B – $6.8B	$4.8B (+8%)	after a round	12,000	flat	B	0%
1 Oct 2024	$4.6B	$2.6B – $6.8B	$4.8B (+5%)	after a round	12,000	flat	B	0%
1 Nov 2024	$4.3B	$2.6B – $6.2B	$4.0B (-5%)	after a round	11,000	flat	B	31%
1 Dec 2024	$4.3B	$2.6B – $6.2B	$4.0B (-7%)	after a round	11,000	flat	B	31%
1 Jan 2025	$4.2B	$2.5B – $6.0B	$3.6B (-13%)	after a round	11,000	flat	B	47%
1 Feb 2025	$4.1B	$2.4B – $6.0B	$3.6B (-13%)	after a round	11,000	flat	B	47%
1 Mar 2025	$4.1B	$2.3B – $6.0B	$3.5B (-13%)	after a round	11,000	flat	B	47%
1 Apr 2025	$4.0B	$2.2B – $6.0B	$3.5B (-13%)	after a round	11,000	flat	B	47%
1 May 2025	$3.9B	$2.1B – $6.0B	$3.3B (-15%)	after a round	11,000	flat	B	53%
1 Jun 2025	$3.9B	$2.0B – $6.0B	$3.3B (-15%)	after a round	11,000	flat	B	53%
3 Jun 2025	$1.8B	$1.6B – $2.3B	$2.0B (+13%)	after a round	11,000	flat	A	53%
1 Jul 2025	$1.8B	$1.6B – $2.3B	$1.9B (+7%)	after a round	10,750	down	A	68%
1 Aug 2025	$1.8B	$1.6B – $2.3B	$1.9B (+4%)	after a round	10,750	down	A	68%
1 Sep 2025	$1.8B	$1.6B – $2.3B	$1.9B (+2%)	after a round	10,750	down	A	68%
1 Oct 2025	$1.9B	$1.6B – $2.3B	$1.9B (+1%)	after a round	10,720	down	A	62%
1 Nov 2025	$1.9B	$1.6B – $2.3B	$1.9B (0%)	after a round	10,720	down	A	57%
1 Dec 2025	$1.9B	$1.6B – $2.3B	$1.9B (-2%)	after a round	10,687	down	A	56%
1 Jan 2026	$1.9B	$1.6B – $2.3B	$1.9B (-4%)	after a round	10,687	down	A	56%
1 Feb 2026	$2.0B	$1.6B – $2.4B	$1.9B (-5%)	after a round	10,687	down	A	51%
1 Mar 2026	$2.0B	$1.6B – $2.4B	$1.9B (-6%)	after a round	10,687	flat	A	47%
1 Apr 2026	$2.0B	$1.6B – $2.4B	$1.9B (-7%)	after a round	10,712	flat	A	43%
1 May 2026	$2.1B	$1.6B – $2.4B	$1.9B (-8%)	after a round	10,712	flat	A	40%
1 Jun 2026	$2.1B	$1.6B – $2.4B	$1.9B (-9%)	after a round	10,699	flat	A	37%
1 Jul 2026	$2.1B	$1.5B – $2.5B	$1.9B (-10%)	after a round	10,699	flat	A	34%
1 Aug 2026	$2.1B	$1.4B – $2.5B	$1.9B (-9%)	after a round	10,699	flat	A	31%
1 Sep 2026	$2.1B	$1.4B – $2.5B	$1.9B (-8%)	after a round	10,699	flat	B	29%
1 Oct 2026	$2.1B	$1.3B – $2.5B	$2.0B (-8%)	after a round	10,651	flat	B	26%
24 Oct 2026	$2.1B	$1.3B – $2.6B	$2.0B (-7%)	after a round	10,651	flat	B	24%

Key facts about Udaan

Founded: 2016
Headquarters: Bengaluru, India
Employees: about 10,700 -1% in a year
Total raised: $1.38B
Funding rounds: 9
Last round: Series G Jun 2025

Udaan was founded in 2016 by Amod Malviya, Sujeet Kumar and Vaibhav Gupta.

Udaan funding history

Udaan has 9 funding rounds on record, from Nov 2016 to Jun 2025, $1.38B in total. The latest disclosed valuation is $1.80B post-money (Series G, Jun 2025).

Series G 2 Jun 2025
Led by M&G Investments, Lightspeed.
Sources: timesofindia.indiatimes.com, moneycontrol.com, indianstartuptimes.com
$114M
$1.80B post-money, below the round before
Debt 28 Oct 2024no round page
With Lighthouse Canton, Stride Ventures, InnoVen Capital, Trifecta Capital.
Sources: yourstory.com, entrackr.com
$36M
Series E 14 Dec 2023
Led by M&G; with Lightspeed Venture Partners, DST Global.
Sources: pymnts.com, techcrunch.com, thecorporate.world and 4 more
$340M
Debt 27 Oct 2022no round page
Led by Existing Shareholders, Bondholders; with Lightspeed Venture Partners, GGV Capital.
Sources: equitypandit.com, techcrunch.com, ceoinsightsindia.com and 1 more
$120M
Debt 5 Jan 2022no round page
Investors not disclosed.
Sources: techfundingnews.com, moneycontrol.com
$200M
Series D 6 Jan 2021
With Octahedron Capital, Moonstone, Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter, Tencent.
Sources: siliconindia.com, techcrunch.com, pymnts.com and 1 more
$280M
$3.10B post-money
Series C 1 Sep 2018
Led by DST Global, Lightspeed Venture Partners.
Sources: pulse2.com, techcrunch.com, medianama.com
$225M
$1.00B post-money
Series B 21 Feb 2018
Led by Lightspeed Venture Partners; with DST Global, Apoletto Limited, Apoletto Investments IV, L.P., Fifth Avenue Private Equity 13 LLC, Board of Trustees of the Leland Stanford Junior University.
Sources: bwdisrupt.com, yourstory.com, nishithdesai.com
$50M
Series A 23 Nov 2016
Led by Lightspeed Venture Partners.
Sources: indianweb2.com, yourstory.com, pulse2.com
$10M

Udaan investors

21 investors have backed Udaan; Lightspeed Venture Partners, DST Global and Bondholders and 4 more led at least one round.

Lightspeed Venture Partners lead, 5 rounds
DST Global lead, 4 rounds
Bondholders lead
Existing Shareholders lead
Lightspeed lead
M&G lead
M&G Investments lead
GGV Capital 2 rounds
Altimeter
Apoletto Investments IV, L.P.
Apoletto Limited
Board of Trustees of the Leland Stanford Junior University
Fifth Avenue Private Equity 13 LLC
Lighthouse Canton
Tencent

What Udaan does

Udaan works in groceries, with 16 recorded offerings and customers in food and beverage, healthcare and consumer goods.

Hiveloop E-Commerce Private Limited, known as Udaan, is an Indian e-commerce company that operates a digital platform for wholesale trade across categories such as FMCG, staples, fruits and vegetables, and pharmaceuticals. The company facilitates supply chain and logistics operations for small businesses, manufacturers, and retailers, and also provides financial products and services through its fintech platform, udaanCapital. Additionally, Udaan offers sourcing solutions for the hospitality sector, supporting kitchens with a range of fresh, frozen, and packaged products.

Description from Veridion's company data.

Products and services

B2B Marketplace Platform Development
FMCG and Staples Distribution
Fruits and Vegetables Distribution
Pharma Product Distribution
Supply Chain and Logistics Solutions
Retailer Network Enablement
Supplier Onboarding Services
Wholesale Rate Access Services
Business Credit Services
Working Capital Financing Services
Digital Trade Enablement Solutions
Data-Driven Business Analytics Services
Quality Assurance Services
Hospitality Supply Solutions
Fast Delivery Services
Hassle-Free Returns Services

Markets

Food and Beverage
Healthcare
Consumer Goods

Business model

Business-to-Business
Service Provider
E-commerce

Industry codes (NAICS)

424410 General Line Grocery Merchant Wholesalers 75% match
522299 International, Secondary Market, and All Other Nondepository Credit Intermediation 25% match

Questions about Udaan

What is Udaan worth?

Valuation $2.1B (range $1.3B to $2.6B), as of 24 Oct 2026. The last disclosed valuation was $1.80B (Series G, Jun 2025).

Has Udaan raised money?

Udaan has 9 funding rounds on record, from Nov 2016 to Jun 2025, $1.38B in total. The latest disclosed valuation is $1.80B post-money (Series G, Jun 2025).

Who has invested in Udaan?

Lightspeed Venture Partners, DST Global, Bondholders, Existing Shareholders, Lightspeed and M&G, and 15 more. Lead investors include Lightspeed Venture Partners, DST Global, Bondholders and Existing Shareholders.

How many people work at Udaan?

About 10,700, down 1% over the last year. Headcount rose from 6,700 in Jan 2021 to 12,000 in Jan 2023, then fell to 10,651 in Sep 2026.

What does Udaan do?

Udaan works in groceries, with 16 recorded offerings and customers in food and beverage, healthcare and consumer goods. Its main offerings are B2B marketplace platform development, FMCG and staples distribution and fruits and vegetables distribution.

When was Udaan founded, and where is it based?

Udaan was founded in 2016 and is based in Bengaluru, India. It has about 10,700 employees, down 1% over the last year.

How we value companies Report an issue

Udaan valuation, funding and investors

Udaan valuation today

Key facts about Udaan

Udaan funding history

Series G 2 Jun 2025

Debt 28 Oct 2024no round page

Series E 14 Dec 2023

Debt 27 Oct 2022no round page

Debt 5 Jan 2022no round page

Series D 6 Jan 2021

Series C 1 Sep 2018

Series B 21 Feb 2018

Series A 23 Nov 2016