B2B e-commerce Platform Udaan Invests over INR 4,000 crore across Technology, Supply Chain & Others
B2B e-commerce firm, Udaan has invested over Rs 4,000 crore in the last 12-18 months across technology, supply chain, and other areas, and is aiming for 100 percent year-on-year growth this fiscal year.
Udaan co-founders Amod Malviya, Sujeet Kumar, and Vaibhav Gupta highlighted the company's five-year anniversary in an internal email on Tuesday.
"What started off as an idea to transform the trade ecosystem in the country by solving problems of millions of small businesses across "Bharat" leveraging technology, is today a reality. We are well on track to become India's largest Commerce platform, not just the biggest e-commerce platform," the company said.
Udaan's business model has evolved over time to meet market demands and become sharper, according to the founders' note, a copy of which has been obtained.
"We have invested more than Rs 4,000 crore in the past 12-18 months across different pillars of business - technology, supply chain, category, credit, people, compliance, etc - to accelerate and strengthen our capabilities. This is already showing in our growth and we continue to aim for 100% y-o-y growth this financial year," it said.
Udaan, which was founded in 2016, has over 3 million users and over 30,000 sellers on its platform. It has over 1.7 million customers, including retailers, Kirana shops, HoReCa, chemists, and farmers, and over 5 lakh products from 2,500 brands.
It delivers 1.5-1.75 lakh orders per day and 4.5 million deliveries per month.
Udaan announced in February this year that it planned to increase warehouse capacity by fivefold to 50 million square feet across several states over the next 7-8 years. These would include, among others, Uttar Pradesh, Bihar, Madhya Pradesh, Chhattisgarh, Odisha, and Karnataka. Udaan currently has a warehousing capacity of over 10 million square feet and 200 warehouses.
The executives of the company said that the second wave of the pandemic did "slow down momentum by a quarter".
"Our cost of doing business went up as we decided to serve our customers within the lockdown restrictions. Our commitment and resilience to continue serving our customers in a better way, no matter how hard the challenges, have taught us to adapt quickly and manage these short-term disruptions...As we approach the period of July-December' 21, it is very crucial for all of us to to work relentlessly...," the startup said.
Udaan announced in January that it had raised $280 million (approximately Rs 2,048 crore) in funding from investors such as Lightspeed Venture Partners, Tencent, DST Global, GGV Capital, Altimeter Capital, Octahedron Capital, and Moonstone Capital. The company, which has raised a total of $ 1.15 billion to date, was valued at more than $ 3 billion following the transaction.
While Udaan had not disclosed its GMV figures, a Bernstein report stated that the company's GMV in December 2020 was around $2.1 billion ARR (annual recurring revenue).
GMV is a term used in online retailing to describe the gross merchandise value of products sold through a marketplace over a specific time period.
Udaan announced an employee stock ownership plan (ESOP) liquidity programme worth approximately Rs 175 crore in April.
Udaan co-founders Amod Malviya, Sujeet Kumar, and Vaibhav Gupta highlighted the company's five-year anniversary in an internal email on Tuesday.
"What started off as an idea to transform the trade ecosystem in the country by solving problems of millions of small businesses across "Bharat" leveraging technology, is today a reality. We are well on track to become India's largest Commerce platform, not just the biggest e-commerce platform," the company said.
Udaan's business model has evolved over time to meet market demands and become sharper, according to the founders' note, a copy of which has been obtained.
"We have invested more than Rs 4,000 crore in the past 12-18 months across different pillars of business - technology, supply chain, category, credit, people, compliance, etc - to accelerate and strengthen our capabilities. This is already showing in our growth and we continue to aim for 100% y-o-y growth this financial year," it said.
Udaan, which was founded in 2016, has over 3 million users and over 30,000 sellers on its platform. It has over 1.7 million customers, including retailers, Kirana shops, HoReCa, chemists, and farmers, and over 5 lakh products from 2,500 brands.
It delivers 1.5-1.75 lakh orders per day and 4.5 million deliveries per month.
Udaan announced in February this year that it planned to increase warehouse capacity by fivefold to 50 million square feet across several states over the next 7-8 years. These would include, among others, Uttar Pradesh, Bihar, Madhya Pradesh, Chhattisgarh, Odisha, and Karnataka. Udaan currently has a warehousing capacity of over 10 million square feet and 200 warehouses.
The executives of the company said that the second wave of the pandemic did "slow down momentum by a quarter".
"Our cost of doing business went up as we decided to serve our customers within the lockdown restrictions. Our commitment and resilience to continue serving our customers in a better way, no matter how hard the challenges, have taught us to adapt quickly and manage these short-term disruptions...As we approach the period of July-December' 21, it is very crucial for all of us to to work relentlessly...," the startup said.
Udaan announced in January that it had raised $280 million (approximately Rs 2,048 crore) in funding from investors such as Lightspeed Venture Partners, Tencent, DST Global, GGV Capital, Altimeter Capital, Octahedron Capital, and Moonstone Capital. The company, which has raised a total of $ 1.15 billion to date, was valued at more than $ 3 billion following the transaction.
While Udaan had not disclosed its GMV figures, a Bernstein report stated that the company's GMV in December 2020 was around $2.1 billion ARR (annual recurring revenue).
GMV is a term used in online retailing to describe the gross merchandise value of products sold through a marketplace over a specific time period.
Udaan announced an employee stock ownership plan (ESOP) liquidity programme worth approximately Rs 175 crore in April.
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