Latest news with #Udaan
Entrepreneur
21 hours ago
- Business
- Entrepreneur
Udaan Acquires ShopKirana in USD 88.5 Mn All-Stock Deal
Founded in 2015, Shopkirana has received significant investments, raising over USD 50 million from investors such as Info Edge, Sixth Sense Ventures, and the Oman India Joint Investment Fund, among others. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. B2B e-commerce platform Udaan has made a significant move in the grocery commerce sector by acquiring Shopkirana in an all-stock deal. This marks a major consolidation in the industry, highlighting the ongoing shifts within the grocery e-commerce space. As per regulatory filings, the deal has been approved by the board of Info Edge, which holds a 26.14% stake in Shopkirana through its wholly-owned subsidiary Startup Investments Holding Ltd (SIHL). The stake has been transferred to Hiveloop Technology Pvt Ltd (HEPL), a subsidiary of Trustroot Internet, Udaan's parent company based in Singapore. In return for its stake, Info Edge will receive 1.68 crore shares of Hiveloop Technology, which translates to about 0.91% of HEPL on a fully diluted basis. These shares are linked to 73,561 reference shares of Udaan's parent company, valued at approximately USD 23.13 million. The swap suggests that Shopkirana's total enterprise value is around USD 88.5 million, based on the value of Info Edge's minority stake. However, the transaction remains subject to customary closing conditions outlined in the agreement. Entrackr's analysis points out that Shopkirana will secure a 3.48% stake in Udaan's Indian business, based on Info Edge's holding in the Indian entity of Udaan. Founded in 2015, Shopkirana has received significant investments, raising over USD 50 million from investors such as Info Edge, Sixth Sense Ventures, and the Oman India Joint Investment Fund, among others. Shopkirana has carved out a niche by focusing on the digitisation of procurement for kirana stores in smaller cities like Indore, Bhopal, Surat, and Agra. The integration with Udaan is expected to expand the latter's reach in fast-moving consumer goods (FMCG) and the hotel, restaurant, and catering (HoReCa) business. In the fiscal year ending March 2024, Shopkirana's revenue fell by 6.26%, from INR 681.81 crore in FY23 to INR 639.16 crore in FY24. However, the company managed to reduce its losses by 30%, bringing them down to INR 55 crore in FY24. The results for FY25 are yet to be reported. This acquisition signals the increasing investor fatigue and challenges within the grocery commerce space. Many firms have struggled to turn a profit, despite the large scale of the market. For Shopkirana, this move could be seen as an effort to position itself for acquisition by controlling costs, although this has affected topline growth. For Udaan, the stock swap offers a relatively low-risk acquisition as it continues its push to reduce EBITDA losses and hopes for future upside.
NDTV
4 days ago
- Business
- NDTV
PM Modi Unveils Rs 5,400 Crore Developmental Projects In Bengal
Durgapur: Prime Minister Narendra Modi on Friday launched development projects worth Rs 5,400 crore in West Bengal, unveiling major initiatives across the oil and gas, power, rail and road sectors aimed at boosting infrastructure, connectivity and clean energy in the region. Addressing a programme in the industrial town of Durgapur, PM Modi said the world today is discussing India's resolve to become a developed nation, and the ongoing transformation of the country's infrastructure is a key pillar of that vision. "Today, the entire world is discussing the resolve for a developed India. Behind this, there are changes visible in India, on which the edifice of a developed India is being built. A major aspect of these changes is India's infrastructure," the prime minister said. Reiterating his government's vision of 'One Nation, One Gas Grid', PM Modi said the Pradhan Mantri Urja Ganga project was conceptualised to ensure equitable energy access and spur industrial growth across eastern India. He said the projects with the mantra 'Make in India, make for the world' will help Bengal's economy to develop further. "These will create several avenues for employment of the youth," he said. PM Modi said all states in the country, including West Bengal, are benefitting from infrastructural facilities like more than four crore pucca houses for the poor, crores of toilets, thousands of kilometres of new roads and highways, new railway lines, airports in small cities and internet connectivity in villages. "A lot of work has been done for rail connectivity in Bengal, and it is among those states where a large number of Vande Bharat trains are running and the Kolkata Metro is fast expanding," the PM said. He said new railway lines are being laid, several railway stations are being modernised, and rail over-bridges are being built. "All these will help ease the lives of the people of Bengal," he said. The PM said airports in Bengal have been connected with the Udaan scheme, in which more than five lakh passengers have already travelled in the last one year. "The work that has taken place in the last 10 to 12 years in gas connectivity has not happened earlier," he said, maintaining that in the last decade, LPG connections have reached lakhs of households. PM Modi said that in six states in eastern India, gas pipelines are being laid. "I am happy that the industrial town of Durgapur has become part of the national gas grid," he said. PM Modi said this gas supply project will provide cheap gas to 25 to 30 lakh households in Bengal and that it connects the industries in Durgapur and Raghunathpur. "These factories have now become more efficient in competing with the world," he said. He asserted that India will become a developed country by 2047. "Our way forward is empowerment through development, self-reliance through employment and good governance through compassion," he said. "With these ideals, we will certainly make Bengal the engine of India's growth," the PM added. As part of the day's events, the PM laid the foundation stone for Bharat Petroleum Corporation Limited's Rs 1,950-crore City Gas Distribution project in Bankura and Purulia districts. The project aims to supply piped natural gas (PNG) to households and industries, compressed natural gas (CNG) at retail outlets, and generate employment in the region. He also dedicated to the nation the Rs 1,190-crore Durgapur-Kolkata section (132 km) of Durgapur-Haldia Natural Gas Pipeline, laid under the Pradhan Mantri Urja Ganga (PMUG) initiative. Passing through Purba Bardhaman, Hooghly and Nadia districts, the pipeline is expected to benefit lakhs of people with a steady and clean supply of natural gas. Continuing the Centre's thrust on clean energy, Modi dedicated Flue Gas Desulphurisation (FGD) systems retrofitted at the Durgapur Steel and Raghunathpur Thermal Power Stations of Damodar Valley Corporation (DVC). Built at a combined cost of over Rs 1,457 crore, the systems aim to curb industrial emissions and improve air quality in the region. In the rail sector, the Prime Minister also inaugurated the doubling of the 36-km Purulia-Kotshila rail line, completed at a cost of over Rs 390 crore.
Time of India
4 days ago
- Business
- Time of India
Udaan buys ShopKirana; Paytm Money's new CEO
Udaan buys ShopKirana; Paytm Money's new CEO Want this newsletter delivered to your inbox? Also in the letter: Udaan acquires ShopKirana in $88.5 million all-stock deal Deal math: InfoEdge's 26.14% in ShopKirana translates to a 1.48% holding in Udaan, now worth $23.1 million. Founders and early backers will own a combined 5–6% in Udaan. ShopKirana's FY25 revenue dropped 27% year-on-year to Rs 471 crore. The strategy: Udaan wants to scale staples, fast-moving consumer goods (FMCG), and hotel, restaurants, and catering (HoReCa) categories. The ShopKirana deal adds deep kirana ties across tier II/III cities such as Indore, Bhopal, Lucknow, Agra, a growing staples private label (Kisan Kirana), and sourcing muscle. Zoom out: What's next: Exclusive: Paytm Money set to get a new chief executive officer Who is he: The context: By the numbers: FY24 revenue: Rs 195.7 crore Rs 195.7 crore Net profit: Rs 71 crore (second straight year in the black) Rs 71 crore (second straight year in the black) FY25 revenue run rate: Close to Rs 200–300 crore Close to Rs 200–300 crore Active traders (June-end): 7.2 lakh+ Also Read: Why this matters: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: China's stealth curbs could derail India's $32B smartphone exports What's at stake: FY25 smartphone exports: $24.1 billion $24.1 billion FY26 target: $32 billion $32 billion India now produces nearly 20% of the world's iPhones Also Read: What's changing: Who's affected: Looking ahead: Byju Raveendran pushes back on claims of secret government deals Raveendran's response: Backdrop: What's being contested: Why it matters: Amazon trims AWS staff amid internal AI shake-up Who's impacted: Company line: Big picture: Financial snapshot: Q1 revenue: $29.3 billion (up 17% YoY) $29.3 billion (up 17% YoY) Operating income: $11.5 billion (up 23%) Context: B2B platform Udaan has acquired retail tech startup ShopKirana in the run-up to its listing. This and more in today's ETtech Top 5.■ China rains on India's smartphone parade■ Raveendran en garde■ Layoff wave reaches AmazonVaibhav Gupta, CEO, UdaanB2B ecommerce major Udaan has snapped up ShopKirana in an all-stock deal valuing the Indore-based startup at $88.5 million. The acquisition comes just weeks after Udaan raised $114 million from Lightspeed and M&G Investments. The move will also see Udaan roping in InfoEdge Ventures as a shareholder.B2B consolidation is heating up. Jumbotail recently bought Solv . Udaan, eyeing an IPO, has trimmed fixed costs by 20% and cut Ebitda burn by half this focus now shifts to integrating tech, logistics, and credit infrastructure to widen margins in high-frequency categories and push supply chain control beyond BharadwajSandiip Bharadwaj, former COO at HDFC Securities, is poised to take over as CEO of Paytm Money , replacing Rakesh Singh, who sources told us, will transition into another role within the HDFC Securities, Bharadwaj led the discount broking unit, HDFC Sky. He previously held senior positions at IIFL Securities and Angel in 2017 as a direct mutual fund platform, Paytm Money now offers stock trading, exchange traded funds (ETFs), pension products, and most recently, margin trade funding (MTF).As one of the few profitable units within One97, Paytm Money lags behind much larger peers like IPO-bound Groww , Zerodha, Dhan, and Angel One. This is the second leadership change at the firm in a year, bringing focus on overall Paytm's leadership stability and capital Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policymakers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship booming smartphone exports could face turbulence, with the electronics lobby group India Cellular and Electronics Association (ICEA) warning that China's informal restrictions are disrupting the supply of critical components China hasn't issued formal bans, but it's quietly slowing down shipments of capital equipment, limiting access to rare minerals, and pulling out trained Chinese workers from Indian counts Apple, Foxconn, Tata Electronics, Lava, and Dixon among its members. Many are now struggling to import tools, secure skilled labour, or source materials vital for aims to hit $145–155 billion in electronics sub-assembly output by 2030. To stay on course, the government may need to fast-track a resilient local supply chain and reduce dependence on its biggest eponymous founder, Byju Raveendran, has hit back at allegations that he's quietly negotiating payments to Indian officials to settle foreign exchange management law (Fema) claim, made in a Delaware court by US lender representative Glas Trust, suggests that behind-the-scenes deals are dismissed the charge on X, calling it 'pure fiction.' He added that the case involves Think & Learn Pvt Ltd, now under Glas's control, and that he has no incentive to get comes as Raveendran faces civil contempt charges for defying court orders in a loan default case. Glas alleges $533 million was siphoned off from a US-based financing founders insist no funds are missing and have sought stays in Indian courts against the Committee of Creditors' actions and the Glas-appointed resolution are rising, with the founders now threatening a $2.5 billion defamation lawsuit against Glas and its lenders over the reputational has cut several hundred roles across AWS, its most profitable unit, in a fresh wave of AI-driven those affected were teams in the 'specialists' division, which worked closely with clients to build custom solutions. Staff were informed over email, and system access was revoked soon after.'These decisions are necessary as we continue to invest, hire, and optimise resources,' an Amazon spokesperson Andy Jassy has warned that AI will increasingly automate corporate workflows , reducing the need for middle managers and some customer-facing continues to deliver strong numbers:This follows recent cuts across Amazon's books, devices, Wondery, and retail units. The focus has now shifted to tightening operations even in high-margin businesses.
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Business Standard
4 days ago
- Business
- Business Standard
Udaan acquires retail technology startup ShopKirana ahead of IPO
Business-to-business e-commerce firm Udaan acquired retail technology startup ShopKirana in an all-stock transaction, bringing internet company Info Edge into Udaan's shareholder base as consolidation accelerates in the country's digital commerce sector. The deal combines Udaan, which connects small retailers with suppliers, with ShopKirana, a platform that helps neighbourhood stores manage inventory and operations. Financial terms weren't disclosed, and the transaction requires regulatory approval. However, in a letter to the National Stock Exchange of India Limited, Info Edge has valued the transaction at $23.13 million. 'This acquisition is a strategic milestone in our journey to the IPO and beyond,' said Vaibhav Gupta, co-founder and CEO, Udaan. 'With the combined strength of both organisations and a strong leadership team, we are well-positioned to deliver on our agenda of 'growth with profitability at scale'.' The acquisition will complement Udaan's leadership across core categories, including staples, fast-moving consumer goods (FMCG), and hotel, restaurant, and catering (HoReCa). ShopKirana and Udaan's integration aims to boost efficiency, expand reach, and add value through combined FMCG expertise, tech, and supply chain strengths. This combination will further accelerate Udaan's profitability journey by scaling high-turnover categories. It would also help improve operating leverage and deliver differentiated value through data-driven logistics and infrastructure. 'Together, we will unlock growth across existing and emerging markets while delivering superior value to buyers, sellers, and consumers,' said Sumit Ghorawat, co-founder, ShopKirana. 'We continue to work towards our shared vision of building a large, future-ready GTM (go-to-market) retail superpower,' he noted. The latest acquisition follows the successful closure of Udaan's $114 million Series G fundraise, led by M&G Investments and Lightspeed. The capital will strengthen category leadership in FMCG and HoReCa, expand into new markets, and boost efficiency through scale sourcing, supply chain optimisation, and cost control. 'This strategic consolidation is an important step forward in Udaan's journey towards consolidating the eB2B market, driving profitability with sustained growth, and strengthening the value proposition for retailers and brands,' said Bejul Somaia, partner, Lightspeed. Kitty Agarwal, Partner, InfoEdge Ventures, noted that the merger marks a significant step towards consolidating the leadership position of the combined Udaan-ShopKirana entity in the sector. 'We're looking forward to the journey ahead as the combined team executes its strategic roadmap with a path toward an IPO in India in the next two years.' Founded in 2015, ShopKirana has enabled thousands of kirana stores through digital procurement, transparent pricing, and efficient last-mile delivery. With a strong footprint in Tier 2 and Tier 3 cities such as Indore, Bhopal, Lucknow, Agra, Surat, and Meerut, ShopKirana complements Udaan's national market presence. Experts said the acquisition reflects increasing consolidation among Indian e-commerce companies as they seek profitable growth after years of cash-burning expansion. Udaan said it continues to demonstrate strong contribution margin accretive growth, clocking over 60 per cent year-on-year growth in CY 2024. Alongside the contribution margin growth and scale operating leverage, Udaan also reduced its fixed costs by 20 per cent, leading to a 40 per cent reduction in EBITDA burn in calendar year CY 2024 and an additional 20 per cent reduction year-to-date in CY 2025.
Hans India
5 days ago
- Business
- Hans India
Vendor Onboarding Metrics: Scaling B2B Indian Marketplaces
As digital procurement continues to surge across India, a streamlined vendor onboarding process is no longer optional; it's mission-critical for any indian b2b marketplace. Fast, efficient, and trusted onboarding empowers platforms to rapidly scale, reduce friction, and unlock competitive advantage. Here's a deep dive into the key metrics that matter and how top platforms are optimizing them with hard data and modern tools. 1. Reach & Activation: How Quickly Vendors Get Started Key Metrics: Time to Activation: Average time from signup to live listing should be under 48 hours. Activation Rate: Percentage of registered vendors who complete account validation. Why it matters: A short time-to-activation improves vendor satisfaction and boosts marketplace liquidity. Reports suggest that platforms like Udaan used predictive machine learning to triple order rates from verified vendors highlighting activation as a key performance bottleneck. 2. Profile Completeness & Quality Key Metrics: Completion Rate: % of vendors providing essential info (GST, bank details, catalog). Content Quality: Average rating of listings by buyers or AI assessment. Why it matters: Incomplete profiles reduce discovery and trust. A multivendor ecommerce guide confirms that Indian platforms must enforce structured vendor dashboards and GST compliance to stand out. 3. Time to First Listing: Speeding Up Go-Live Metric: Time taken from onboarding to first active product listing. Benchmark: < 24 hours for top B2B players. Why it matters: Shorter listing times expand catalog depth quickly. According to a LinkedIn report, platforms like Global Trade Plaza and Alibaba emphasize client support during onboarding to accelerate initial listing success. 4. Verification Turnaround Metric: Time needed to verify KYC, bank, GST, and conduct supplier audits. Benchmark: < 72 hours. Why it matters: Prompt verification boosts buyer confidence and reduces lead drop-off. Indian government e-marketplace GeM processes hundreds of thousands of sellers monthly, often completing full validation within 2–3 days. 5. Drop-off Rates & Platform Health Key Metrics: Drop-off Rate: % of vendors who abandon signup mid-way. Support Tickets: Number and type of onboarding-related issues. Why it matters: High drop-off indicates UX friction. Digital showroom research shows 80 % of B2B buyers favor self-service journeys but only if onboarding is intuitive. 6. Time to First Sale: From Onboard to Transaction Metric: Average days until a vendor completes their first order. Benchmark: Leading platforms achieve < 7 days. Why it matters: Faster revenue conversion builds vendor trust and promotes retention. Verified vendors on multi-vendor platforms often see inquiries within days of listing. 7. Retention & Repeat Business Metrics: Retention Rate: % of vendors making multiple sales in 90 days. TAM Share: Revenue generated by top 20% of vendors. Why it matters: High retention signifies platform stickiness. GeM's structure with 23 lakh sellers and thriving orders signals a sustainable ecosystem. 8. Platform Features That Scale Onboarding Self‑serve portals with dynamic pricing and instant RFQs are winning 80 % of B2B buyers now expect them. with dynamic pricing and instant RFQs are winning 80 % of B2B buyers now expect them. AI-assisted compliance tools integrated into dashboard flows reduce errors and speed document passes. integrated into dashboard flows reduce errors and speed document passes. Integrated payments and escrow (e.g., Global Trade Plaza's trade assurance) signal quality and accelerate trust. (e.g., Global Trade Plaza's trade assurance) signal quality and accelerate trust. ONDC's DigiReady certification demonstrates how government‑led readiness frameworks can accelerate vendor onboarding at scale 9. Scaling Efficiently: KPI Goals Metric Target / Benchmark Time to activation ≤ 48 hours Profile completion ≥ 90 % enriched First listing time ≤ 24 hours Verification turnaround ≤ 72 hours Time to first sale ≤ 7 days Retention (90 days) ≥ 60 % Drop-off during signup ≤ 20 % These benchmarks reflect high-performing indian b2b marketplace platforms in recent years. 10. Building Momentum: Growth Recommendations Simplify initial signup by requesting essential info only, then gradually requesting more. Automate compliance with AI-powered KYC, GST validation, and bank verification. Use templated workflows to guide new vendors through listing and pricing. Offer onboarding help with webinars, chat support, and tutorial content. Monitor analytics: track funnel drop-offs, ticket trends, and onboarding conversion rates in real time. Celebrate first sales with early incentives or recognition to reinforce positive momentum. Conclusion Scaling vendor onboarding is the essential growth lever for any indian b2b marketplace. By optimizing activation speed, vendor quality, verification efficiency, and first-sale time and monitoring drop-off and retention platforms can move beyond sign-ups to sustainable, high-liquidity ecosystems. Companies that combine frictionless UX, AI-powered verification, self-serve onboarding, and real-time vendor analytics are best positioned to lead India's B2B digital revolution. Global Trade Plaza and other top platforms are already redefining standards making the current period in favour of vendor-first marketplace acceleration across India.
