Sujeet Kumar left a senior role at Flipkart in 2016 and started Udaan with Amod Malviya and Vaibhav Gupta. The idea was a single app connecting manufacturers and brands with small retailers, chemists and traders who bought through local wholesalers.
Udaan raised more than $2.17 billion across 17 rounds. In 2021 it was valued at about $3.1 billion. In FY22 its revenue neared Rs 10,000 crore with a loss of Rs 3,076 crore.
In FY23 revenue fell about 43 percent to Rs 5,609 crore as the company cut costs. In June 2025 it closed a $114 million Series G at a 59 percent lower valuation. Gupta now runs the company as CEO.
In FY26 revenue rose 12.6 percent to Rs 5,134 crore and the net loss fell to Rs 851.5 crore. On 30 June 2026 the offshore parent Trustroot defaulted on $170 million of convertible notes, and creditors began proceedings in the Singapore High Court. Swiggy also agreed to sell its LYNK business to Udaan for Rs 500 crore.