Udaan, the B2B e-commerce unicorn, has raised an additional $120Mn in convertible notes from existing shareholders, delaying its IPO plans for the time being. The same came to light via an internal email that the company CFO Aditya Pande sent out to company’s employees.

“With this round, the total funds raised by Udaan through convertible notes and debt in the last four quarters have crossed $350 million, making it one of the largest structured instrument fund raises in the country,” Pande said. He further added, that the company will plan to go for an IPO in 12-18 months, effectively delaying the earlier announced timeline.

A report from Economic Times states that the company is expecting another $30-$50Mn in next tranche.

This comes a few months after the company announced another $200Mn fundraise in debt, earlier this year in January.

Pande added that the company has improved its unit economics by 10%, with strong improvements in both gross margin and operating costs, and the burn rate reducing by 60%.

“Continued focus on customer-first thinking and initiatives on strengthening our value proposition for them have resulted in monthly buyer repeat rates increasing by 5% in the last 2 quarters,” said Pande in the note.