Business-to-business ecommerce giant Udaan’s consolidated loss for FY 2021-22 widened 43.5% mainly on employee benefits and contract expenses, even as revenue from operations jumped nearly 34%.
Consolidated loss increased to Rs 1,761.54 crore in FY22 from about Rs 1,227.98 in the year prior, per the company’s latest filings with the Ministry of Corporate Affairs.
Consolidated revenue from operations increased to Rs 608.90 crore from about Rs 455 crore earlier.
Udaan in November laid off about 350 employees, even as it raised an undisclosed sum in debt funding from Temasek-backed EvolutionX Debt Capital, taking its overall debt financing over the previous four quarters to about $350 million.
On the standalone basis, Udaan reported a 27.7% rise in revenue from operations to Rs 531.98 crore, while loss widened to Rs 1,757.19 crore in FY22.
Udaan’s Hiveloop Capital subsidiary, which provides credit facilities to businesses, posted a nearly 10% increase in revenue to Rs 73.29 crore for FY22, while its profit fell to Rs 1.26 crore from Rs 2.27 crore.
Newloop Apps, which provides app-related solutions, reported a sharper loss, widening to Rs 1.90 crore in FY22 from a loss of Rs 2.14 lakh in the year before.
As for Udaan’s consolidated expenses, costs increased 42.63% to Rs 2,454 crore.
This was mostly on account of employee benefit expenses that jumped 45.17% to Rs 826.75 crore, and contract costs that increased to Rs 956.71 crore from Rs 684.10 crore earlier.
Udaan’s product shipments jumped six-fold to 1.7 billion orders in 2022, per recent media reports. The company catered to over 22 million orders, driven by demand for consumer goods.