Bengaluru based online B2B e-commerce marketplace Udaan that is a little over three years old has become the fourth-highest valued startup in India. A recent valuation report filed by the firm on September 23, 2019 shows that the worth of the firm is $7.5 billion or Rs. 53,365.45 crore.
Valuation report of Udaan
The report reads that the e-commerce company would reduce its losses to Rs. 375 crore in FY21. Also, that it would register a profit of Rs. 3,082 crore before tax in FY22. Following the report, the company convened a meeting to pass a special resolution to approve allotment of 4,02,641 Series E Compulsorily Convertible Preference Shares (CCPS) to its Singapore-based holding entity Trustroot Internet PTE.
History of Udaan
This development came when the company posted a loss of Rs. 780 crore during FY19 at a revenue of Rs. 46 crore. Founded by former Flipkart executives Amod Malviya, Sujeet Kumar and Vaibhav Gupta, it works as a platform where retailers can connect to wholesalers and traders. It is a horizontal marketplace that provides a wide range of goods from electronics to apparel and from grocery to fresh … Read the rest