One of India's original B2B commerce giants is plotting its comeback to the public markets. Udaan, the B2B ecommerce platform, is targeting an IPO by late 2027 or early 2028, as it expects 10–12% revenue growth in FY26 with losses declining around 20%. For followers of startup funding in India, the IPO talk caps a remarkable turnaround narrative.
Co-founder and CEO Vaibhav Gupta expects full profitability by the end of 2027, with the listing itself dependent on sustained profitability. The FY25 financials show the discipline: revenue of Rs 4,561 crore (down 20% after restructuring exits) and a net loss of Rs 1,055 crore — narrowed 37% from Rs 1,674.1 crore in FY24 and Rs 2,075 crore in FY23, the third consecutive year of shrinking losses.
Recapitalised and refocused
The balance sheet got a reset in July 2026 with a $160 million recapitalisation — fresh equity, additional debt and debt-to-equity conversion — following a $114 million Series G in 2025. Operationally, Udaan acquired Swiggy's LYNK Logistics in an all-share Rs 500 crore transaction and consolidated into roughly 16 city clusters focused on groceries and essentials.
Why it matters for founders
Udaan's path — shrink to focus, cut losses three years straight, recapitalise, then talk IPO — is a masterclass in the disciplined-growth era. The market now rewards founders who can show a credible line from today's unit economics to tomorrow's listing, not just a bigger GMV number.