Udaan to go public by May 2023

On Wednesday, Vaibhav Gupta, CEO of business-to-business (B2B) e-commerce firm Udaan said the company is going to launch its Initial Public Offering (IPO) by May 2023. He said: "I feel good about the journey towards the IPO and we are targeting it in May next year. I feel that on the business side, on the team side, and on the capital side, we are progressing well towards that. We have doubled our gross margin over the past 100-120 days. Early on, in the first three-four years, we saw scale. Now we are seeing unit economics at scale over the past two quarters. That has been the biggest progress the company has made over this period. We are actively seeing a large part of the business on the unit economics journey.” This comes after the company has been consistently performing well and its gross margins have witnessed a significant rise in the last quarter. Since the company is headquartered in Singapore, it is very likely that it gets listed in the foreign market.