Udaan, a B2B e-commerce platform, continues to be the market leader in the wholesale procurement space among startups, having recently raised another $250 million to fuel its growth storey.
ravel constraints and disruptions to traditional supply chains caused by Covid 19 appear to have created a whole new world of opportunities for the Lightspeed-backed company during the fiscal, with Udaan’s revenues increasing 6X to Rs 5,919 crore in FY21 from Rs 978 crore in FY20.
Udaan’s sale of traded goods on the online platform was the company’s leading revenue generator, accounting for 94.41 percent of annual revenues. From Rs 632.7 crore in FY20 to Rs 5,588.4 crore in FY21, these sales increased 8.8X to Rs 5,588.4 crore.
The company also collects platform fees from other sellers on the platform, which increased by 7.5 percent in FY21 to Rs 188 crore.
Udaan provides traders on its platform with financing services and collects interest and processing fees from them. Credit facilities are provided to sellers and buyers trading on the Udaan platform, with interest rates ranging from 0% to 24% per annum and maturities ranging from 7 to 90 days.
The platform’s revenue from financing services increased by 96 percent year on year to Rs 34.1 crore, while its loan book increased by 46.8 percent year on year, rising from 217.5 crores at the end of FY20 to 319.3 crores at the end of FY21.
During FY20-21, the B2B Unicorn generated Rs 59.5 crore from delivery (logistics services) and cash collection services for its customers, while sales of returned goods as scrap generated another Rs 33.7 crore.
At the start of Q4 FY21, the company had raised $280 million because it was operating at an exponential scale and fulfilling 8X the orders as compared to the corresponding quarter in FY20.
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