BlackRock Inc. is in talks to provide around $45 million in private credit to distressed Indian e-commerce platform Udaan, as the world’s largest asset manager forges ahead with its private credit push in Asia despite some recent challenges.The amount is part of a proposed $160 million fresh financing that Udaan announced on Tuesday and helped it avoid an insolvency proceeding in a Singapore court that was initiated by a bondholder, according to people familiar with the matter. The company said a new investor will provide $45 million in fresh capital but it did not name BlackRock in its statement.BlackRock’s private credit arm has received approval from its investment committee to provide the lifeline to Udaan, said the people who asked not to be named as the discussions are private.Representatives for BlackRock and Udaan declined to comment.The troubles at Udaan highlight the challenges facing parts of India’s growing private credit market as some companies are confronted by liquidity issues. BlackRock is also in talks with e-commerce brand aggregator Goat Brand Labs for an extension on a $17 million private debt it took in 2024.Udaan defaulted last month on convertible notes issued by its Singapore holding company Trustroot Internet Pte., the people said. Nomura Holdings Inc., Tor Investment Management and Arena Investors LP hold up to 75% of the notes, the people said. EvolutionX Debt Capital Pte., a joint venture between Singapore’s Temasek Holdings Pte. and DBS Bank Ltd., is also a bondholder, they said.Following Udaan’s fresh financing plan, two funds managed by Tor Investment that have filed a petition for insolvency with the Singapore High Court against Trustroot withdrew them on Monday, the people said.Representatives for Nomura, EvolutionX and Tor Investment declined to comment. A representative for Arena didn’t immediately respond to a request for comment.The planned $160 million financing for Udaan combines fresh equity, new debt and debt-to-equity conversion, according to the company. Existing equity shareholders along with the new investor will infuse fresh capital into the company, while certain existing convertible bondholders will convert a portion of their outstanding bonds into equity.Published on July 15, 2026