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Udaan targets IPO by early 2028 as B2B turnaround takes hold
Our read
Udaan more likely than not reaches near break-even by end-2027 and lists in Q1 2028 rather than earlier, with profitability the gating item.
For operators
Udaan is putting loss reduction ahead of fast growth, with FY26 revenue up only 10 to 12% and losses narrowing about 20%, so expect a more margin-disciplined rival and supply partner in B2B commerce.
Watch
FY26 revenue growth past 10% with net loss below FY25's ₹1,055 crore, in the FY26 results, would mean the IPO-by-Q1-2028 path is intact for lenders and investors.
The report,
Udaan expects FY26 revenue to grow 10 to 12 per cent while losses narrow by about 20 per cent. The B2B e-commerce firm targets full profitability by the end of 2027 and an IPO by the end of 2027 or the first quarter of 2028.
- FY25 revenue
- ₹4,561 crore
- FY25 net loss
- ₹1,055 crore
- FY26 revenue growth expected
- 10 to 12 per cent
- FY26 loss narrowing expected
- about 20 per cent
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Reported figures
From the report. Source details below
| FY25 revenue: | ₹4,561 crore |
|---|---|
| FY25 net loss: | ₹1,055 crore |
| Recapitalisation announced July 2026: | $160 million |
| LYNK Logistics all-share acquisition value: | ₹500 crore |
| Private labels share of staples sales: | 15 to 25 per cent |
| EBITDA burn drop, Q4 CY23 to Q1 CY26: | about 70 per cent |
Why it matters to operators and investors
Backed by a $160 million recapitalisation in July and aiming for an IPO by end of 2027 or Q1 2028, Udaan looks like an IPO candidate rather than a distressed seller, so any partnership or acquisition approach should be priced with that independent path in mind.
What to watch next
- Quarterly or FY27 H1 losses narrowing further, as seen in regulatory filings
- Appointment of IPO bankers or a conversion to a public company
- Rival B2B discounting or retailer-credit offers in Udaan's core categories
- Any fresh funding round or debt raise before the end-2027 profitability target
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Udaan is likely to keep putting margin ahead of growth, trimming loss-making categories and tightening credit to small retailers to protect the 20% loss narrowing.
- Expect Udaan to start IPO preparation, such as banker selection, board and governance changes, and audit clean-up, well before the end-2027 target.
- Udaan's recapitalisation investors are likely to tie any further funding to profitability milestones rather than growth targets.
- Rival B2B platforms such as Flipkart Wholesale, Jumbotail and Reliance's JioMart may step up retailer incentives to take share while Udaan trims spend.
- Udaan is likely to report FY26 numbers close to guidance, because a miss would damage its IPO story and its supplier and lender relationships.
The source
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