Latest news with #Udaan
Time of India
8 hours ago
- Business
- Time of India
B2B e-commerce startup Udaan raises $114mn
BENGALURU: B2B ecommerce platform Udaan raised $114 million, led by M&G Investments and Lightspeed. The Bengaluru-based company said the funds will be used to deepen its category presence, particularly in FMCG and staples. Udaan secured the latest funding at a valuation of about $1.8 billion (unchanged), people familiar with the matter told TOI. The company previously raised $340 million in 2023, led by UK-based M&G Prudential, at the same valuation, marking a notable decline from its peak valuation of $3.2 billion in 2021. The company said it posted over 60% year-on-year revenue growth in 2024. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
12 hours ago
- Business
- Time of India
Udaan raises $114 million in flat round at $1.8 billion valuation
Representative image BENGALURU: B2B ecommerce platform Udaan has raised $114 million in fresh equity capital as part of its Series G funding round, led by M&G Investments and Lightspeed. The round also saw participation from existing and new investors. The Bengaluru-based company said the funds will be used to deepen its category presence, particularly in FMCG and staples, and expand further into underserved markets. Udaan has secured the latest funding at a valuation of about $1.8 billion, people familiar with the matter told TOI. This makes the funding a flat round, which is when a company's valuation remains the same or nearly the same as the previous funding round. The company had previously raised $340 million in 2023, led by UK-based M&G Prudential, at the same valuation, marking a notable decline from its peak valuation of $3.2 billion in 2021. Founded by former Flipkart executives Vaibhav Gupta, Amod Malviya, and Sujeet Kumar, Udaan has been restructuring its operations since 2022, focusing on profitability amid a more cautious funding environment. The company has reduced its operating scale to manage costs and streamline business priorities. Malviya and Kumar no longer oversee day-to-day operations, with Gupta currently serving as CEO. The latest financing, Udaan said, strengthens its balance sheet as it moves closer to a potential public market listing. This round follows a broader restructuring of the business over the last three years, with the company claiming a 40% annual reduction in Ebitda burn over the same period. Founded in 2016, Udaan operates across verticals including fast-moving consumer goods, pharma, staples, and fresh produce, and claims to hold around 70% of India's eB2B market share. The company said it is pursuing a cluster-led operating model to drive 'profitable growth at scale,' with emphasis on technology-led distribution and private label expansion in staples. The company said it posted over 60% year-on-year revenue growth in calendar year 2024. Contribution margins improved by more than 300 basis points during the year, with an additional 100 basis point gain reported year-to-date in 2025. Fixed costs, the company said, were cut by 20% last year, contributing to overall margin improvements. 'This funding marks a key milestone as we continue our journey towards public markets,' said Vaibhav Gupta, co-founder and CEO of Udaan. 'Our hybrid model combining a digital platform with tech-led sales is proving effective, and we are on track to achieve group-level Ebitda profitability within the next 18 months.' The fresh capital will also be deployed to enhance Udaan's technology stack, including customer engagement tools and sales-tech capabilities. The company currently serves a large network of small businesses, retailers, and suppliers across India, and also offers working capital solutions through its financial services arm, UdaanCapital. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
12 hours ago
- Business
- Economic Times
Udaan's flat raise; Nykaa's market woes
B2B ecommerce unicorn Udaan raised fresh funds in a round led by existing investors. This and more in today's ETtech Top 5. Also in the letter: ■ Tesla 'not' driving into India■ Infosys CEO payout■ Fintech sector: Road ahead Udaan closes latest funding round at $114 million led by UK's M&G, Lightspeed Vaibhav Gupta, CEO, Udaan B2B ecommerce platform Udaan has raised $114 million in a fresh funding round led by existing investors, M&G Prudential (UK) and Lightspeed Venture Partners. Round details: The round closed at a flat valuation of $1.8 billion and includes the previously disclosed $75 million investment from the same two investors, which founder and CEO Vaibhav Gupta announced at a town hall earlier this year. The new capital will go towards deepening Udaan's footprint in key sectors like fast-moving consumer goods (FMCG) and the hotel, restaurant, and catering (HoReCa) industry. The company also plans to expand its private label brands, with a sharper focus on staples. What else? 'We have cut our Ebitda losses by 40% every year over the past three years and are on course to reach full group Ebitda profitability within the next 18 months,' said Gupta. Quick lookback: Udaan's valuation fell by 44% in 2023 to around $1.8 billion, down from its $3.2 billion peak following a funding round in January 2021. The company restructured its debt late last year but continues to carry about $100 million in liabilities, with repayments pushed to later dates. Nykaa shares drop 5% as muted fashion growth weighs on strong Q4 Shares of FSN E-commerce, the parent company of Nykaa, slipped as much as 5.11% to 192.85 a piece during Monday's trade. The scrip closed 4.33% lower at Rs 194.45, underperforming the benchmark Sensex, which dipped just 0.09%. Driving the news: A strong Q4 failed to lift investor sentiment. Operating revenue : Rs 2,061.7 crore, up 27% from Rs 1,668 crore a year earlier. Rs 2,061.7 crore, up 27% from Rs 1,668 crore a year earlier. Net profit : Rs 19 crore, versus Rs 9 crore last year. : Rs 19 crore, versus Rs 9 crore last year. Beauty segment: Rs 1,895 crore, up 24.7% from Rs 1,519 crore. Rs 1,895 crore, up 24.7% from Rs 1,519 crore. Fashion segment: Rs 161 crore, up 11% from Rs 145 crore. Also Read: Nykaa Q4 profit doubles to Rs 19 crore; revenue up 24% Source: Google Finance Fashion lacks glitz: Analysts flagged the fashion vertical's subdued performance in their post-results commentary. The segment's contribution margin dropped to 5.6% during Q4, down from 14.4% in the previous year. Kotak Institutional Equities trimmed profitability estimates on expected higher ad spends in the fashion segment. Analystspeak: "While BPC (beauty and personal care) segment continues to deliver healthy growth with better profitability, revival in fashion business remains a key monitorable, given the heightened competitive intensity across the industry," said brokerage house Nuvama in a note on Monday. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. 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: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. Infosys paid CEO Salil Parekh Rs 80.62 crore as salary in FY25, up 22% Salil Parekh, CEO, Infosys Infosys chief executive officer (CEO) Salil Parekh received a 22% hike in annual compensation for the financial year ending March 2025, with total pay rising to Rs 80.6 crore, according to the company's latest annual report. CEO's payslip: Parekh's salary was structured as follows: Base salary: Rs 7.45 crore Rs 7.45 crore Retiral benefits: Rs 49 lakh Rs 49 lakh Variable pay: Rs 23.18 crore Rs 23.18 crore Stock options: Rs 49.5 crore The jump in compensation was driven by higher bonuses, incentives, and variable payouts, along with an increase in restricted stock units (RSUs), equity-linked grants linked as part of long-term earned Rs 66.25 crore in FY24, a 17.5% increase over the previous year, making him the second highest-paid CEO in the Indian IT sector at the time. His pay had dipped in FY23 to Rs 56 crore from Rs 71 crore in FY22. Peers' pay packages: With the FY25 figures, Parekh's pay now surpasses that of his counterparts at Tata Consultancy Services (TCS) and Wipro. Wipro chief Srinivas Pallia earned $6.2 million (around Rs 53.64 crore), a 10% bump over last year. TCS chief K Krithivasan saw his compensation rise 4.6% to Rs 26.5 crore. Tesla unlikely to make in India, will focus only on imports: All you need to know Elon Musk, CEO, Tesla Despite the Indian government's generous policy incentives, the Elon Musk-led EV giant Tesla, remains hesitant to manufacture in India, preferring instead to sell imported vehicles through showrooms, according to union minister HD Kumaraswamy. But why? India's price-sensitive market, high import duties, and Tesla's direct-to-customer sales model pose major hurdles. Even the company's most affordable offering, the Model 3, would be classified as a luxury vehicle in India due to current import tariffs. Still, Tesla hasn't shut the door. We reported in February that the company has secured retail space in Maharashtra and Delhi, and has posted job openings, moves that hint at plans to establish a sales footprint. India's move: The government is gearing up to formally launch its flagship EV policy, the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI). Under this scheme, automakers that commit at least $486 million to local manufacturing could see import duties slashed to 15%, down from the existing 70%. Others revving up: While Tesla holds back, other global automakers are accelerating plans. Kumaraswamy said Mercedes-Benz, Skoda-Volkswagen, Hyundai, and Kia have shown strong interest in setting up EV manufacturing under the new policy. Where the fintech sector is headed next: QED-BCG Global Fintech Report 2025 Fintechs still account for just 3% of global banking and insurance revenues, but their influence is growing rapidly, according to QED–BCG Global Fintech Report. In numbers: Fintech revenues rose 21% year-on-year, sharply outperforming the broader financial services sector, which grew by just 6%. Public fintechs are also turning the corner on profitability; 69% are now in the black, up from less than half the previous year. Growth engines: The report sees agentic artificial intelligence (AI) as a long-term game changer. Financial activity on the blockchain is picking up pace, but still has structural hurdles to clear. Challenger banks, born digital, would do well to focus on deepening their presence in existing markets. Fintechs are now better at lending and have more seasoned customer data. The big unknown: will these lending models hold during a full economic downturn? B2B(2X), infrastructure, and lending are shaping up as the sector's next major frontiers. Quote, unquote: 'Regulators are now internalising that fintech is here to stay,' QED Investors cofounder Nigel Morris told ET in an exclusive interview. Fintechs have a role to play in the future of how financial services are delivered, he added. Updated On Jun 02, 2025, 07:43 PM IST
Time of India
15 hours ago
- Business
- Time of India
Udaan's flat raise; Nykaa's market woes
Udaan's flat raise; Nykaa's market woes Also in the letter: Udaan closes latest funding round at $114 million led by UK's M&G, Lightspeed Round details: The new capital will go towards deepening Udaan's footprint in key sectors like fast-moving consumer goods (FMCG) and the hotel, restaurant, and catering (HoReCa) industry. The company also plans to expand its private label brands, with a sharper focus on staples. What else? Quick lookback: Nykaa shares drop 5% as muted fashion growth weighs on stellar Q4 Driving the news: Operating revenue : Rs 2,061.7 crore, up 27% from Rs 1,668 crore a year earlier. Rs 2,061.7 crore, up 27% from Rs 1,668 crore a year earlier. Net profit : Rs 19 crore, versus Rs 9 crore last year. : Rs 19 crore, versus Rs 9 crore last year. Beauty segment: Rs 1,895 crore, up 24.7% from Rs 1,519 crore. Rs 1,895 crore, up 24.7% from Rs 1,519 crore. Fashion segment: Rs 161 crore, up 11% from Rs 145 crore Also Read: Fashion lacks glitz: The segment's contribution margin dropped to 5.6% during Q4, down from 14.4% in the previous year. Kotak Institutional Equities trimmed profitability estimates on expected higher ad spends in the fashion segment. Analyst speak: 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: Infosys paid CEO Salil Parekh Rs 80.62 crore as salary in FY25, up 22% CEO's payslip: Base salary: Rs 7.45 crore Rs 7.45 crore Retiral benefits: Rs 49 lakh Rs 49 lakh Variable pay: Rs 23.18 crore Rs 23.18 crore Stock options: Rs 49.5 crore Peers' pay packages: Tesla unlikely to make in India, will focus only on imports: All you need to know But why? India's move: Others revving up: Where the fintech sector is headed next: QED-BCG Global Fintech Report 2025 In numbers: Growth engines: The report sees agentic artificial intelligence (AI) as a long-term game changer. Financial activity on the blockchain is picking up pace, but still has structural hurdles to clear. Challenger banks, born digital, would do well to focus on deepening their presence in existing markets. Fintechs are now better at lending and have more seasoned customer data. The big unknown: will these lending models hold during a full economic downturn? B2B(2X), infrastructure, and lending are shaping up as the sector's next major frontiers. Quote, unquote: B2B ecommerce unicorn Udaan raised fresh funds in a round led by existing investors. This and more in today's ETtech Top 5.■ Tesla 'not' driving into India■ Infosys CEO paycheck■ Fintech sector: Road aheadVaibhav Gupta, CEO, UdaanB2B ecommerce platform Udaan has raised $114 million in a fresh funding round led by existing investors, M&G Prudential (UK) and Lightspeed Venture round closed at a flat valuation of $1.8 billion and includes the previously disclosed $75 million investment from the same two investors, which founder and CEO Vaibhav Gupta announced at a town hall earlier this year.'We have cut our Ebitda losses by 40% every year over the past three years and are on course to reach full group Ebitda profitability within the next 18 months,' said valuation fell by 44% in 2023 to around $1.8 billion , down from its $3.2 billion peak following a funding round in January 2021. The company restructured its debt late last year but continues to carry about $100 million in liabilities, with repayments pushed to later of FSN E-commerce, the parent company of Nykaa, slipped as much as 5.11% to 192.85 a piece during Monday's trade. The scrip closed 4.33% lower at Rs 194.45, underperforming the benchmark Sensex, which dipped just 0.09%.A strong Q4 failed to lift investor Google FinanceAnalysts flagged the fashion vertical's subdued performance in their post-results commentary."While BPC (beauty and personal care) segment continues to deliver healthy growth with better profitability, revival in fashion business remains a key monitorable, given the heightened competitive intensity across the industry," said brokerage house Nuvama in a note on Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Parekh, CEO, InfosysInfosys chief executive officer (CEO) Salil Parekh received a 22% hike in annual compensation for the financial year ending March 2025, with total pay rising to Rs 80.6 crore, according to the company's latest annual salary was structured as follows:The jump in compensation was driven by higher bonuses, incentives, and variable payouts, along with an increase in restricted stock units (RSUs), equity-linked grants linked as part of long-term earned Rs 66.25 crore in FY24, a 17.5% increase over the previous year, making him the second highest-paid CEO in the Indian IT sector at the time. His pay had dipped in FY23 to Rs 56 crore from Rs 71 crore in the FY25 figures, Parekh's pay now surpasses that of his counterparts at Tata Consultancy Services (TCS) and Wipro. Wipro chief Srinivas Pallia earned $6.2 million (around Rs 53.64 crore), a 10% bump over last year. TCS chief K Krithivasan saw his compensation rise 4.6% to Rs 26.5 Musk, CEO, TeslaDespite the Indian government's generous policy incentives, the Elon Musk-led EV giant Tesla, remains hesitant to manufacture in India , preferring instead to sell imported vehicles through showrooms, according to Minister H.D. price-sensitive market, high import duties, and Tesla's direct-to-customer sales model pose major hurdles. Even the company's most affordable offering, the Model 3, would be classified as a luxury vehicle in India due to current import Tesla hasn't shut the door. We reported in February that the company has secured retail space in Maharashtra and Delhi , and has posted job openings , moves that hint at plans to establish a sales government is gearing up to formally launch its flagship EV policy, the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI). Under this scheme, automakers that commit at least $486 million to local manufacturing could see import duties slashed to 15%, down from the existing 70%.While Tesla holds back, other global automakers are accelerating plans. Kumaraswamy said Mercedes-Benz, Skoda-Volkswagen, Hyundai, and Kia have shown strong interest in setting up EV manufacturing under the new still account for just 3% of global banking and insurance revenues, but their influence is growing rapidly , according to QED–BCG Global Fintech revenues rose 21% year-on-year, sharply outperforming the broader financial services sector, which grew by just 6%. Public fintechs are also turning the corner on profitability; 69% are now in the black, up from less than half the previous year.'Regulators are now internalising that fintech is here to stay,' QED Investors cofounder Nigel Morris told ET in an exclusive interview. Fintechs have a role to play in the future of how financial services are delivered, he added.
Time of India
18 hours ago
- Business
- Time of India
Udaan raises USD 114 million in Series G funding
New Delhi: Bengaluru-based B2B e-commerce platform Udaan has raised USD 114 million in equity capital. The Series G funding round was led by M&G Investments and Lightspeed Venture Partners , with participation from both new and existing investors, the company said in a press release on Monday. According to the company, the fresh capital will be utilized to strengthen Udaan's presence in the fast-moving consumer goods (FMCG) sector and the hotel, restaurant, and catering (HoReCa) segment. Also, the company plans to accelerate its private label initiatives in the staples category. The funds will also bolster Udaan's balance sheet, providing enhanced financial flexibility as it advances toward a potential public listing. 'Over the last 3 years, we have transformed the business by building cost as a capability and a competitive advantage. We have reduced our EBITDA burn by 40% every year for the last 3 years and are on track to achieve full group EBITDA profitability in the next 18 months. Udaan's hybrid model of 'highly available eCom app + new-gen tech-first sales' is now established as the benchmark winning model for eB2B, providing an ROI accretive customer wallet growth, and a strong solution for brands and manufacturers to drive product mix,' said Vaibhav Gupta, co-founder and CEO, udaan. The company has been focusing on achieving profitability at scale, implementing a regional cluster-led operating model. The etailer claimed to have reported a 60 per cent year-on-year growth in calendar year 2024, alongside a 300 plus basis point improvement in contribution margin.
