Udaan to Shift Domicile from Singapore to India for IPO
The company is expected to merge its Singapore-based holding entity with its Indian unit, Hiveloop Ecommerce, which will become the parent company after the restructuring.
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B2B e-commerce platform Udaan is set to begin its reverse flip to India from Singapore in the coming weeks as part of its planned initial public offering (IPO), according to The ET reports.
The company is expected to merge its Singapore-based holding entity with its Indian unit, Hiveloop Ecommerce, which will become the parent company after the restructuring. This follows earlier efforts by Udaan to consolidate its operations under a single structure.
Over the past two years, Udaan has undertaken significant restructuring measures. It exited non-core segments such as lifestyle and general merchandise, shifting its focus towards essentials and grocery. The company also reduced its operational presence from nearly 80 cities to about 16, aiming to improve efficiency and control costs.
Financially, Udaan reported revenue of around INR 4,561 crore in FY25, a decline from approximately INR 10,000 crore in FY22. However, its losses narrowed to INR 1,055 crore during the same period, indicating improved cost management.
In June last year, Udaan raised USD 114 million in its Series G funding round, led by M&G Investments and Lightspeed. It also acquired retail tech startup ShopKirana shortly after.
The move comes amid a broader trend of startups such as PhonePe, Zepto, and Groww shifting their domicile to India.
B2B e-commerce platform Udaan is set to begin its reverse flip to India from Singapore in the coming weeks as part of its planned initial public offering (IPO), according to The ET reports.
The company is expected to merge its Singapore-based holding entity with its Indian unit, Hiveloop Ecommerce, which will become the parent company after the restructuring. This follows earlier efforts by Udaan to consolidate its operations under a single structure.
Over the past two years, Udaan has undertaken significant restructuring measures. It exited non-core segments such as lifestyle and general merchandise, shifting its focus towards essentials and grocery. The company also reduced its operational presence from nearly 80 cities to about 16, aiming to improve efficiency and control costs.
Financially, Udaan reported revenue of around INR 4,561 crore in FY25, a decline from approximately INR 10,000 crore in FY22. However, its losses narrowed to INR 1,055 crore during the same period, indicating improved cost management.
In June last year, Udaan raised USD 114 million in its Series G funding round, led by M&G Investments and Lightspeed. It also acquired retail tech startup ShopKirana shortly after.
The move comes amid a broader trend of startups such as PhonePe, Zepto, and Groww shifting their domicile to India.
