Udaan's revenue hikes 6X to Rs 5,919 Cr in FY21
By MYBRANDBOOK
Udaan has raised another $250 million to fuel its growth story. Udaan saw its revenues shoot up 6X to Rs 5,919 crore in FY21 from only Rs 978 crore in FY20.
The sale of traded goods on the online platform by Udaan was the leading revenue driver for the company, accounting for 94.41% of the annual revenues. These sales surged 8.8X to Rs 5,588.4 crore during FY21 from only Rs 632.7 crore in FY20.
The company also collects platform fees from other sellers in the platform and such collection grew by 7.5% to Rs 188 crore in FY21.
Udaan offers financing services to traders on its platform and collects interest and processing fees from them. Credit facilities are given to sellers and buyers trading on the Udaan platform bear interest ranging from 0% to 24% per annum and having a maturity period of 7 to 90 days.
The platform’s revenue from financing services grew by 96% YoY to Rs 34.1 crore while its loan book grew by 46.8% from 217.5 crores at the end of FY20 to 319.3 at the end of FY21.
Provision of delivery (logistics services) and cash collection services to its customers generated Rs 59.5 crore whereas sales of returned goods as scrap brought in another Rs 33.7 crore for the B2B Unicorn during FY20-21.
The company had raised $280 million at the start of Q4 FY21 as it was operating at an exponential scale during that period and fulfilling 8X the orders as compared to the corresponding quarter in FY20.
Procurement of stock in trade from manufacturers is the largest cost centre for Udaan, accounting for 63.3% of its annual costs with FMCG being its biggest product line. Cost of goods sold grew in line with sales, up 8.5X to Rs 5,531.7 crore in FY21 as compared to Rs 650.3 crore in FY20.
At the start of FY21, Udaan had laid off around 1,000 contract staff at the height of the first wave of the pandemic to conserve capital. It eventually hired more during the rest of the fiscal as order volumes multiplied and contract manpower costs grew by nearly 3% to Rs 620.5 crore.
Google Pay has added "Open Wallet" shortcut
With the introduction of the "Open Wallet" shortcut, Google Pay has impro...
TRAI targets to finalise National Broadcast Policy by May-end
The Telecom Regulatory Authority of India will finalise the National Broa...
TAC Security becomes Cyber Security Assessor for the App Defen
The cybersecurity company, TAC Security has been selected as a key Cyber ...
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
TEJAS NETWORKS INDIA PVT. LTD.
TALLY SOLUTIONS PVT. LTD.
MATRIX COMSEC PVT. LTD.
SAFE SECURITY SERVICES PVT. LTD.
Technology Icons Of India 2023: Bhavish Aggarwal
Ola CEO Bhavish Aggarwal had formed Ola-India’s largest mobility pla...
Technology Icons Of India 2023: Ashwini Vaishnaw
Ashwini Vaishnaw is an Indian politician and former IAS officer and is...
Technology Icons Of India 2023: Shailender Kumar
Shailender Kumar is senior vice president and regional managing direct...
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
DRDO is India's largest and most diverse research organisation
DRDO is the R&D wing of Ministry of Defence, Govt of India, with a vis...
ITI Limited widening its focus area
ITI Limited is a public sector undertaking company, has manufacturing ...
TECH DATA, A TD SYNNEX COMPANY
Tech Data Corporation was an American multinational distribution compa...
NETPOLEON SOLUTIONS
Netpoleon Group is a Value-Added Distributor (VAD) of Network Security...
B D SOFTWARE
BD Software is the distributor of IT security solutions in India. The ...