Microsoft Corporation has joined Udaan’s debt financing round of over $200 million, according to a note sent by Udaan CFO Aditya Pande.

“We are excited to announce that Microsoft Corporation joined our convertible notes offering launched in October last year. M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena Capital and Ishana Capital amongst others participated in the convertible notes offering round,” Pande told Udaan in an internal note.

With this, Udaan has now raised a total of $225 million through convertible notes.

Report indicated about Tor Investment and Arena Investors participating in the debt financing in January.

This instrument will allow investors to flip their convertible notes into equity at a later stage, potentially before the IPO. Last month, Udaan cofounder and CEO Vaibhav Gupta told that the company was on track for its IPO by May 2023.

A spokesperson of Udaan confirmed the development without giving any further details on Microsoft’s investment.