Udaan’s IPO is coming up and has received approximately $75M in Series G funding led by M&G Plc and Lightspeed. Additional funding of $25M is expected in the next quarter. Valuation at this point stays constant at $1.8B and total funds received is now $1.88B.

? Why It Matters

  • IPO Prep: After the NCLT approved the restructuring of Udaan to Hiveloop Ecommerce Pvt Ltd, Udaan is targeting a 2025-26 IPO.
  • Market Growth: Udaan’s expansion plans alongside Amazon, Flipkart and JioMart puts India at the forefront of the $125B B2B e-commerce market growing at a 45% CAGR by 2027.

? Funds at Work

  • Customer Experience: Enhanced services for retailers.
  • Market Reach: Existing and new market penetration.
  • Vendor Partnerships: Increased relationships with strategic partners.
  • Supply Chain & Credit: Long term infrastructural modernization.

? By the Numbers

  • Revenue (FY24): ₹5,700 Cr (~1.7% growth YoY).
  • EBITDA Burn Reduction: Down 36% to ₹923 Cr.
  • SG&A Expenses: Operational expenses reduced by 35%
  • Profitability Well on Track: Growth in revenue by 65%, Daily transacting buyers above 70% and monthly repeat buyers above 90%.

? Key Highlights

  • Gross Margins: Increased by 200 bps.
  • Contribution Margins: Increased by 300 bps.
  • Buyer Wallet Share: Improved by 20%.

?️ Restructuring for Agility

  • Single Entity: Construction consolidation into Hiveloop Ecommerce Pvt Ltd enables easier management.
  • IPO Readiness: Prepares the company for 2025-26 public listing.

? The Big Picture

Udaan is now smartly scaling, all while losing money and growing, as it prepares for its blockbuster IPO. It has $1.88B in funding and a straightforward profitability strategy, putting it in excellent position to lead India‘s B2B e-commerce market.

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