Udaan saw revenue fall by over 40% in FY23; losses narrow by 20%

Udaan, the e-B2B (business-to-business) platform saw its operating revenue fall in FY23, a year when several new-age companies were beginning to shift focus from growing their scale to improving their bottomline.

As a result, the Lightspeed-backed company, which sells groceries and other products to kirana stores who further resell to customers, saw its revenue from operations shrink by 43 percent from Rs 9,897.3 crore in FY22 to Rs 5,609.3 crore in FY23, according to regulatory filings sourced from TheKredible.

At the same time, the Bengaluru-based company managed to narrow its losses to Rs 2,213.0 crore in FY23 from Rs 3,075.8 crore in FY22. The improvement was largely because of reduced employee expenses and lower expenditure on other items.

Udaan’s staff costs dropped from Rs 1,203.5 crore in FY22 to Rs 996.2 crore in FY23, according to filings by Trustroot Internet Private Limited, the company, which operates Udaan in Singapore. Employee expenses could also be lower because Udaan trimmed its workforce by 10 percent in November, which impacted around 350 people.