BlackRock (BLK) is in discussions over providing about $45 million in private credit to Indian e-commerce platform Udaan as part of a proposed $160 million funding package, Bloomberg reported Wednesday, citing unnamed sources familiar with the matter.

The funding package is intended to fend off an insolvency proceeding launched by a bondholder, sources told Bloomberg. Udaan said a new investor will provide a $45 million funding but did not name BlackRock, according to the report.

Sources also told Bloomberg that BlackRock's private credit division has already received approval for the funding.

BlackRock and Udaan did not immediately respond to MT Newswires' requests for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)