In April, the company had said it will buy back employee stocks worth ₹165-175 crore, joining a slew of Indian startups that have launched such liquidity programmes for their employees amid the pandemic
Bengaluru: Business-to-business e-commerce firm Udaan has invested over ₹4,000 crore in the last 12-18 months in technology, supply chain, and other categories, and is aiming for 100% year-on-year growth this financial year, according to its co-founders.
Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, co-founders of the company, which has completed five years of operations this week, in an internal mail said, "We have invested more than ₹4,000 crore in the past 12-18 months across different pillars of business - technology, supply chain, category, credit, people, compliance, etc - to accelerate and strengthen our capabilities. This is already showing in our growth, and we continue to aim for 100% y-o-y growth this financial year."
The startup’s executives said the second wave of the pandemic has slowed down momentum by a quarter.
"Our cost of doing business went up as we decided to serve our customers within the lockdown restrictions. Our commitment and resilience to continue serving our customers in a better way, no matter how hard the challenges, have taught us to adapt quickly and manage these short-term disruptions...As we approach the period of July-December' 21, it is very crucial for all of us to work relentlessly...," they said.
Earlier this year, Udaan raised $280 million from new investors Moonstone Capital Partners and Octahedron Capital, besides existing investors Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital and Tencent Holdings. The funding round valued it at a shade over $3 billion.
In April, the company had said it will buy back employee stocks worth ₹165-175 crore, joining a slew of Indian startups that have launched such liquidity programmes for their employees amid the pandemic.
The July-December period is crucial, to regain business momentum and deliver both top-line and bottom-line goals, the founders said in their email.
"What started off as an idea to transform the trade ecosystem in the country by solving problems of millions of small businesses across "Bharat" leveraging technology, is today a reality. We are well on track to become India's largest commerce platform, not just the biggest e-commerce platform," they said.
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