The company is currently in the pre-IPO stage; a Draft Red Herring Prospectus (DRHP) has not yet been filed with SEBI as of early 2024.9 August 2026B2B E-commerce · 6 min read

Udaan (Hiveloop) — Pre-IPO Research Report

Hiveloop Technology Pvt. Ltd.

Udaan, legally Hiveloop Technology Pvt. Ltd., is a prominent Indian B2B e-commerce platform connecting manufacturers, brands, and wholesalers with retailers and small businesses across various categories. It's often discussed as a potential pre-IPO candidate due to its scale and significant funding rounds.

Founded

2016

Headquarters

Bengaluru, India

Legal Entity Name

Hiveloop Technology Pvt. Ltd.

Founders

Amod Malviya, Vaibhav Gupta, Sujeet Kumar

What the company is (and how it makes money)

Operates a B2B marketplace platform facilitating trade between small businesses (kiranas, pharmacies, hotels, restaurants) and large suppliers/brands.
Offers a wide range of products across categories including electronics, fashion, FMCG, fresh produce, general merchandise, and pharmaceuticals.
Provides integrated services such as logistics and warehousing solutions to ensure efficient delivery across India.
Facilitates payments and offers credit facilities (working capital loans) to its buyer network, a key differentiator in the unorganised retail sector.
Generates revenue primarily through commissions on transactions, logistics fees, and interest income from its credit offerings.

Financial snapshot (officially disclosed only)

For the financial year ended March 31, 2022, Hiveloop Technology Pvt. Ltd. reported revenue from operations of approximately INR 9,900 crore, as per its filings with the Ministry of Corporate Affairs (MCA) reported by media.
The company reported a net loss of approximately INR 3,075 crore for FY22, as per its MCA filings reported by media.
For the financial year ended March 31, 2023, revenue from operations reportedly grew, but net losses remained substantial, as per media reports citing MCA filings. Specific audited figures for FY23 are not officially disclosed by the company directly to the public and would need to be checked in the full MCA filings when available.

The moat

**Network Effects:** A growing base of retailers attracts more suppliers, and more suppliers attract more retailers, creating a strong reinforcing loop.
**Integrated Ecosystem:** Offering logistics, payments, and credit alongside the marketplace creates a sticky platform, reducing the need for users to seek external services.
**Deep Penetration:** Ability to serve small businesses in Tier 2, 3, and 4 cities, which are often underserved by traditional distribution channels.
**Data Advantage:** Accumulation of transaction and credit data allows for better underwriting, demand forecasting, and personalised offerings.

Where it is in the IPO pipeline

Hiveloop Technology Pvt. Ltd. has not yet filed a Draft Red Herring Prospectus (DRHP) with SEBI as of early 2024.
The company has reportedly been working towards profitability and unit economics improvement, which are key precursors for an IPO.
Any IPO would likely involve a combination of a fresh issue of shares to raise capital for business expansion and an Offer For Sale (OFS) by existing investors.
The exact timeline and valuation for a potential IPO are not officially disclosed and will depend on market conditions and the company's financial performance.

What most investors miss

**Working Capital Intensity:** B2B e-commerce, especially with credit offerings, is inherently working capital intensive. Investors should scrutinise the company's cash conversion cycle and funding requirements.
**Credit Risk Management:** The quality and provisioning for its credit portfolio (loans to small businesses) are critical. Default rates, collection efficiency, and the robustness of its underwriting models are key metrics often overlooked.
**Unit Economics by Cohort/Category:** Profitability can vary significantly across different product categories and customer cohorts. Understanding the Customer Acquisition Cost (CAC) vs. Lifetime Value (LTV) for various segments provides a clearer picture of sustainable growth.
**Logistics Cost Structure:** Operating a pan-India B2B logistics network is complex and costly. The efficiency and cost-per-delivery in different regions significantly impact overall margins.
**Regulatory Dependencies:** The business operates across e-commerce, logistics, and lending, each subject to evolving Indian regulations. Changes in e-commerce policy, digital lending guidelines, or competition laws could impact the business model.
**Cap Table Dynamics & Potential Dilution:** Given numerous funding rounds, the cap table can be complex. Investors should examine the potential for dilution from future ESOP grants or fresh equity issues, and the impact of large investor exits via OFS.

Red flags and what to scrutinise

**Sustained Significant Losses:** Despite high revenue growth, the company has reported substantial net losses. The path to profitability and the timeline for achieving it need clear articulation in any future filings.
**High Cash Burn:** Continuous losses often translate to a high cash burn rate, necessitating frequent fundraising or robust internal cash generation. Investors should examine the cash flow statement for operational cash burn.
**Related-Party Transactions:** As with many large unlisted companies, scrutinising related-party transactions in the DRHP and MCA filings is crucial to identify potential conflicts of interest or non-arm's length dealings.
**Asset Quality of Lending Book:** The inherent risk in lending to small, often informal, businesses means a close watch on Non-Performing Assets (NPAs), write-offs, and recovery mechanisms is essential.
**Intense Competition:** The B2B e-commerce space in India is competitive, with traditional distributors, other tech-enabled platforms, and even large brands building direct-to-retailer channels.
**Dependence on External Funding:** A history of significant fundraising suggests a reliance on external capital to fuel growth and cover losses. The ability to fund operations internally will be a key indicator of maturity.

How to evaluate it (a diligence checklist)

Examine the company's DRHP (when filed) for detailed financial statements, particularly the cash flow statement, working capital management, and segment-wise revenue/profitability.
Analyze the quality of the credit portfolio, including the gross and net NPA ratios, provisioning policies, and recovery rates, to assess credit risk.
Scrutinise the breakdown of revenue streams and their respective contribution to gross margins to understand the core profitability drivers.
Evaluate the efficiency of the logistics network by looking at metrics like delivery costs per order, inventory turnover, and warehousing expenses.
Assess the competitive landscape in key categories and Udaan's market share, differentiation, and pricing power against rivals.
Review the proposed use of IPO proceeds (fresh issue vs. OFS) to understand how much capital is being raised for the company's growth versus providing exits for existing investors.

Official references

SEBI - Draft offer documents & public issues SEBI - Securities and Exchange Board of India NSE India - listings & filings BSE India - listings & filings MCA - company master data & financial filings

The company's Draft Red Herring Prospectus (DRHP) on the SEBI website (when filed)
Audited financial statements of Hiveloop Technology Pvt. Ltd. filed with the Ministry of Corporate Affairs (MCA)
Official company press releases and investor presentations

Frequently asked questions

What is the legal entity name for Udaan?

Udaan operates under the legal entity name Hiveloop Technology Pvt. Ltd.

Has Udaan filed for an IPO?

No, as of early 2024, Hiveloop Technology Pvt. Ltd. has not yet filed a Draft Red Herring Prospectus (DRHP) with SEBI.

What are Udaan's main sources of revenue?

Udaan primarily generates revenue from commissions on transactions, fees for logistics services, and interest income from the credit facilities it provides to buyers.

Who are the founders of Udaan?

Udaan was founded by Amod Malviya, Vaibhav Gupta, and Sujeet Kumar.

What kind of businesses does Udaan serve?

Udaan serves a wide range of small and medium businesses, including kirana stores, pharmacies, hotels, restaurants, and other retailers across India.

This report is prepared by Neoma Capital for information and investor-education purposes only. It is not investment advice, a recommendation, or an offer to buy or sell any security. Unlisted and pre-IPO shares are illiquid, high-risk and may never list. Any figures mentioned are only those officially disclosed by the company, SEBI, the stock exchanges or the MCA, and may change. Neoma Capital does not guarantee accuracy or completeness. Verify everything independently from official sources and consult a SEBI-registered adviser before making any decision. Neoma Capital, 9 August 2026.