IPO · Commerce & Consumer Brands

Udaan to reverse flip to India for IPO

By Startup Enthusiast · 18 March 2026

What they do

Udaan is India's largest eB2B platform connecting small businesses like kiranas and chemists

It will merge its Singapore holding entity with Indian unit Hiveloop Ecommerce in coming weeks

The move follows similar domicile shifts by PhonePe, Zepto, and Groww ahead of public listings

Udaan will begin a reverse flip (moving its parent company back to India) from Singapore in the coming weeks.
The plan is to merge the Singapore holding entity with its Indian unit Hiveloop Ecommerce.
After the merger, Hiveloop Ecommerce will become the parent entity of the group.
This restructuring is part of Udaan's IPO plans.
The company has already consolidated its business operations under a single structure over the past two years.
It exited non-core categories like lifestyle and general merchandise to focus on essentials and grocery.
Its operational footprint shrank from ~80 cities to ~16 during this period.

Several Indian startups have recently moved their domicile to India, including PhonePe, Zepto, Dream11, Decentro, and Groww.
Last month, BRND.ME (formerly Mensa Brands) also shifted its domicile from Singapore to India.
A reverse flip simplifies the corporate structure and can make an IPO in India smoother and more tax-efficient.

Udaan is India's largest eB2B platform for small business owners.
Its customers include kiranas (neighbourhood stores), chemists, hotels, and offices across Bharat (smaller Indian towns and rural areas).
It offers products in Food & FMCG (premium staples, snacks, beverages, daily essentials) and Healthcare & Pharma (medicines, wellness products, medical supplies).
The platform has 1,600+ SKUs (stock-keeping units, i.e., distinct products).
It provides wholesale prices, quality private label brands, hassle-free returns, fast delivery, and business credit.
Udaan has a mobile app with exclusive deals, smart ordering, and a secure payment gateway.
Revenue was ~Rs 4,561 crore in FY25, down from ~Rs 10,000 crore in FY22.
Losses narrowed to Rs 1,055 crore in FY25.

Udaan will begin the reverse flip process in the coming weeks as part of its IPO plans.

Product: B2B e-commerce platform
Customers: Small retailers, kiranas, and business buyers
How it makes money: Connects businesses to suppliers through a B2B marketplace and earns through transaction-based services and platform-led commerce.
What sets it apart: Broad distribution reach across many cities with strengthening supply chain and credit infrastructure.