Udaan reports narrowed losses, 1.7% revenue growth in FY24

Business-to-business e-commerce platform Udaan saw its revenue increase by 1.7% in the 2024 financial year to total Rs 5,706.6. The business also reduced its losses by 19% during the fiscal year to Rs 1,674.1 crore.

“Udaan’s financial performance for FY23 to FY24 reflects its commitment to building a robust, profitable, and resilient business,” wrote Udaan’s senior vice president of finance Kiran Thadimarri in a post on Linkedin. “With revenue reaching Rs 5,700 crore for FY23 to FY24, we have made significant strides toward profitability, reducing EBITDA [earnings before interest, tax, depreciation, and amortisation] burn by 40% year on year to Rs 900 crore.”
 
The business has reported losses of Rs 2,075.9 crore in the 2023 financial year. The fiscal had also seen a significant revenue drop of 43.1% at Rs 5,609.3 crore.
 
Udaan recently announced that it has raised a debt funding of Rs 300 crore, approximately 10 months after the business raised $340 million in a Series E funding round, the Economic Times reported. Udaan’s investors in its debt funding included Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital.
 
“The overall geographical rationalisation, or the strategic process of determining which locations to focus on, is more about investment, resource allocation, and EBITDA decisions,” said Udaan’s CEO and co-founder Vaibhav Gupta in summer, ET Retail reported. “By carefully choosing where to invest resources, we intend to ensure that each cluster is contributing effectively to the overall financial health and growth strategy of the company.”