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Udaan Buys ShopKirana in All-Stock Deal, Adds Info Edge to Cap Table Ahead of IPO Push

Updated: July 18, 2025 17:50

Image Source : The Arc
Udaan, India’s leading B2B ecommerce platform, has acquired retailtech startup ShopKirana in an allstock transaction, marking a strategic consolidation in the FMCG and HoReCa segments as it gears up for a public listing.
 
Key highlights:
  • The acquisition brings Info Edge, Sixth Sense Ventures, and Oman India Joint Investment Fund onto Udaan’s shareholder roster, with ShopKirana’s investors receiving a 7–8% stake in Udaan.
  • ShopKirana’s deep kirana network across Tier 2 and Tier 3 cities like Indore, Bhopal, Agra, and Meerut complements Udaan’s national footprint.
  • The deal follows Udaan’s recent $114 million Series G fundraise led by M&G Investments and Lightspeed.
Strategic impact:
  • Udaan aims to unlock synergies in sourcing, credit, and supply chain operations, while scaling highfrequency categories and improving contribution margins.
  • ShopKirana’s private label, Kisan Kirana, will be integrated to boost unit economics and expand product reach.
Operational outlook:
  • Udaan has reduced fixed costs by 20% in 2025, following a 40% EBITDA burn reduction in 2024.
  • The company reported Rs 5,706 crore in revenue for FY24, while ShopKirana posted Rs 643 crore, reflecting its focused regional play.
IPO trajectory:
  • The acquisition is positioned as a milestone in Udaan’s journey toward profitability and scale, with Info Edge’s governance experience expected to support public market readiness.
Sources: Moneycontrol, Economic Times, Business Standard, Inc42, ABP Live, YourStory, StartupWired, Entrackr, MSN India

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