Udaan Becomes The Fourth-Valued Startup After Paytm, OYO And Byju’s
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 produce.
It also provides logistics service along with working capital loan to sellers on the platform. Udaan boasts of 20,000 sellers and 10 lack retailers from 900 cities and towns across country. It offers more than 15 lakh products that includes brands like SanDisk, Karbonn, boat and HP.