Report: B2B ecommerce firm Udaan targets 100% growth this financial year

“Udaan has invested over 40 billion rupees (US$545.6 million) in the past 12 to 18 months across technology, supply chain, and other areas, and is aiming for 100% year-on-year growth this financial year,” reported The Economic Times, citing an internal memo sent by co-founders Amod Malviya, Sujeet Kumar, and Vaibhav Gupta.

Details:

• The India-based company, which specializes in business-to-business ecommerce, is marking its fifth year of operations this week, according to the memo.
• However, the co-founders also said that the Covid-19 pandemic did “slow down momentum by a quarter” as the cost of doing business rose due to lockdown restrictions.

Context: 

• In January, Udaan raised US$280 million from investors including Octahedron Capital and Moonstone Capital. It plans to use the funds to expand its products and categories, and to improve user experience.
• The company says it has over 3 million registered users in 900 cities who are connected to over 30,000 sellers across India.

See also: Udaan sustains $315m loss on top of $134m in revenue