B2B ecommerce unicorn Udaan’s operating revenue grew 12.6% to ₹5,134 Cr in the financial year ended March 2026 (FY26) from ₹4,561 Cr in FY25.

The startup’s net loss narrowed 19.4% to ₹851.5 Cr from ₹1,055.4 Cr in the previous fiscal, according to its financial statements.

The recovery follows an uneven revenue trajectory — a 40% decline in FY23, marginal growth of 1.7% in FY24, and a 20% fall in FY25. During this period, Udaan also closed a $114 Mn Series G funding round in June 2025 at a 59% valuation dip.

In a LinkedIn post, Udaan’s senior vice president Vishnu Menon attributed the improvement to the startup’s focus on profitable growth, operational efficiency, and tighter execution across its markets.

Over the 10 quarters from Q4 CY23 to Q1 CY26, the company’s revenue grew at a CAGR of around 25%, while its contribution margin improved by nearly 500 basis points and EBITDA burn declined by around 70%, Menon said.

Menon attributed this progress to its cluster-led operating model, which focuses on accountability for performance at the city and category levels, deeper operations in existing markets, and tighter cost controls.

However, Udaan’s financial statements flagged material uncertainty that could cast significant doubt on the group’s ability to continue as a going concern.

At the end of FY26, the group’s current liabilities exceeded its current assets by ₹1,391 Cr, while its total liabilities exceeded its total assets by ₹790.9 Cr.

The startup said it received additional funding after the financial year ended and expects revenue growth and cost-cutting measures to improve operating cash flows.

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