B2B ecommerce firm Udaan plans to shift its head office from Singapore to India to focus on profitability and prepare for its initial public offering (IPO) in the next 9-18 months. This strategic move is expected to position the company stronger in the Indian market.
Udaan, the B2B ecommerce company, will soon initiate its reverse flip process, moving its head office from Singapore to India, as stated by CEO Vaibhav Gupta. This transition is essential for the company's IPO plans.
The company secured National Company Law Tribunal (NCLT) approval last year to consolidate its technology, logistics, and wholesale trading units into a single entity, Hiveloop Ecommerce.
This move enables the Indian entity to become the parent firm post-reverse merger with the Singapore-based holding company.
The impending IPO is one of the pivotal steps for Udaan, coupled with reaching a breakeven point, expected by mid-next year. Gupta mentioned, “There are 2 main objectives: achieving business break-even by mid-next year and proceeding with the IPO process.”
The consolidation of business units occurred last year, and the company aims for a seamless Singapore-to-India merger.
Over recent years, Udaan's operations contracted, with revenues declining from ₹10,000 crore in FY22 to approximately ₹4,561 crore in FY25.
This reduction was largely due to the exit from non-essential categories like lifestyle and general merchandise to concentrate on groceries and essentials. Consequently, their losses lessened by 37% to ₹1,055 crore in FY25.
Udaan also reduced its city operations from over 1,000 cities to 16, aiming for improved profitability.
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The valuation of Udaan also decreased as the business downsized. From raising $114 million last June at a flat valuation of $1.8 billion from investors like M&G Prudential (UK) and Lightspeed Venture Partners, its peak valuation of $3.2 billion occurred in 2021.
Additionally, Udaan launched a new vertical, Horeca360, to cater to the hotel, restaurant, and catering sectors, contributing 15% to Udaan's total revenues from Bengaluru.
Udaan's strategic move to shift domicile from Singapore to India is significant in its journey towards profitability and an IPO. By consolidating business operations and scaling down less profitable sectors, Udaan aims to strengthen its position in the market and focus on essential categories to drive future growth.
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Published on: Mar 19, 2026, 8:21 AM IST
Team Angel One
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