In FY21, Udaan’s income increased by 6 times to Rs 5,919 crore.
- ByStartupStory | January 12, 2022
Udaan, a B2B e-commerce platform, continues to lead the wholesale procurement field among startups, having just received additional $250 million to accelerate its expansion.
Travel restrictions and interruptions to traditional supply chains caused by Covid 19 appear to have opened up a whole new world of potential for the Lightspeed-backed firm during the fiscal year, with Udaan’s revenues increasing by 6X to Rs 5,919 crore in FY21 from Rs 978 crore in FY20.
Udaan’s top revenue generator was the sale of traded items on its online platform, which accounted for 94.41 percent of the company’s annual revenue. From Rs 632.7 crore in FY20 to Rs 5,588.4 crore in FY21, sales increased by 8.8 times to Rs 5,588.4 crore.
During this hyper-growth phase, the Bengaluru-based startup’s employee costs more than doubled, with staff expenditures accounting for 10.6% of total costs. Employee benefit payments increased from Rs 430 crore in FY20 to Rs 923.5 crore in FY21, including Rs 240 crore in ESOP payments (i.e. nearly 26 percent of the salaries paid).
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