Udaan is beginning its reverse transition from Singapore to India in the upcoming weeks as part of its IPO strategy, according to a report by ET. The company is set to combine its Singapore-based holding entity with its Indian division, Hiveloop Ecommerce, which will take on the role of the parent entity following this restructuring. This decision builds on the earlier consolidation of the company’s operations under a singular structure.
Udaan’s Restructuring Efforts
Udaan has been streamlining its operations for the past two years, stepping away from non-essential categories such as lifestyle and general merchandise. The focus has now shifted towards essentials and grocery. Additionally, the company has cut down its operational reach from approximately 80 cities to around 16, aiming to enhance efficiency.
Financial Overview
The startup reported revenues of approximately Rs 4,561 crore in FY25, a decline from about Rs 10,000 crore in FY22. Despite this, the losses have decreased to Rs 1,055 crore during the same timeframe.
Last June, Udaan completed its Series G funding round, raising $114 million with participation from M&G Investments and Lightspeed, among others. The following month, the company acquired the retail technology startup ShopKirana for an undisclosed sum.
Industry Movement
Recently, BRND.ME, previously known as Mensa Brands, relocated its domicile from Singapore back to India. In recent years, a number of startups, including PhonePe, Zepto, Dream11, Decentro, and Groww, have also shifted their domiciles back to India.