Udaan, the B2B e-commerce unicorn, has raised an additional $120 million in convertible notes from existing shareholders, delaying its IPO plans for now. The same was made clear through an internal email that the company’s CFO Aditya Pande sent to the company’s employees.

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

A report from Economic times says the company expects another $30-$50 million in the next tranche.

This comes a few months after the company announced another $200 million debt raise 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 burn rates down by 60%.

“Continued focus on a customer-first mindset and initiatives to strengthen our value proposition for them have led to an increase in monthly repeat customer rates of 5% over the past 2 quarters,” Pande said in the note.