Udaan, the Bengaluru-based business-to-business ecommerce platform, is targeting a stock market listing by the end of 2027 or the first quarter of 2028, chief executive Vaibhav Gupta has said. The timeline, reported by Business Standard, arrives as a three-year restructuring starts to show in the company’s numbers.

Gupta has also set a profitability deadline: Udaan expects to be fully profitable by the end of 2027. The latest IPO target follows a decision to shrink the business before trying to grow it again.

Udaan’s IPO Timeline And Profitability Deadline

In the interview with Business Standard, Gupta said Udaan expected FY26 revenue to grow 10 percent to 12 percent, with losses narrowing about 20 percent. The company has since reported operating revenue rose 12.6 percent to Rs 5,134 crore in the year ended March 2026, from Rs 4,561 crore a year earlier.

Gupta said the company is now EBITDA profitable in every city where it operates, and that growth is expected to come from existing retailers rather than heavy spending on new customers.

The Funding Behind Udaan’s Turnaround

Udaan closed a $114 million Series G round in June 2025 at a 59 percent discount to its earlier valuation, according to Entrackr. In July 2026 it announced a $160 million package combining fresh equity, new debt and debt-to-equity conversion, which Moneycontrol reported was aimed at strengthening the balance sheet before the listing.

In September 2026, Udaan agreed to acquire Swiggy’s retail distribution business, LYNK, in an all-share deal that valued LYNK at Rs 500 crore. Swiggy also said it would invest a further Rs 75 crore in Udaan’s parent and take a minority stake. Udaan expects the acquisition to widen its distribution reach and improve network efficiency.

Read more: Zetwerk Raises Fresh Issue to Rs 2,830 Crore as Rs 5,012 Crore IPO Opens October 15, another B2B platform steering toward a public listing.

The Reset: From 80 Cities To 16 Clusters

Three years ago Udaan pulled back from selling everything from food staples to fast moving consumer goods across about 80 Indian cities. Gupta cut the operation to roughly 16 clusters and a narrower range of groceries and staples. Revenue fell by more than half from its peak and investors marked down their stakes.

Between the fourth quarter of calendar 2023 and the first quarter of calendar 2026, revenue grew at a compound annual rate of about 25 percent, contribution margin improved by nearly 500 basis points and EBITDA burn fell by about 70 percent, according to company statements.

FY26 Financials: Revenue Up 13 Percent, Loss Narrows To Rs 852 Crore

Udaan’s net loss narrowed 19.4 percent to Rs 851.5 crore in FY26 from Rs 1,055.4 crore in FY25, its financial statements show. That followed a 40 percent revenue decline in FY23, marginal growth of 1.7 percent in FY24 and a 20 percent fall in FY25, making FY26 the first year of meaningful growth in four years.

Private labels now account for 15 percent to 25 percent of staples sales across the cities Udaan serves. Its horeca360 business, which supplies hotels, restaurants, caterers and institutional buyers, expanded into Hyderabad and Chennai during the year.

Who Runs Udaan

Udaan was founded in 2016 by three former Flipkart executives: Amod Malviya, Sujeet Kumar and Vaibhav Gupta, who took over as chief executive in 2021. Gupta is an IIT Delhi alumnus, and the company is working through a reverse flip to move its holding structure back to India.

What Comes Next For Udaan

Udaan’s FY26 statements flagged material uncertainty over its ability to continue as a going concern, with current liabilities exceeding current assets by Rs 1,391 crore and total liabilities exceeding total assets by Rs 790.9 crore.

Creditors have also begun insolvency proceedings in the Singapore High Court against Udaan’s offshore holding entity, Trustroot Internet, over a default on $170 million of compulsorily convertible notes. Udaan has said the proceedings concern the offshore holding company and would not materially affect its India operations.

Gupta estimates Udaan can keep growing at 25 percent to 30 percent for four or five years in its current markets, where it holds a high single digit share. Around 1,000 more Indian cities remain the longer-term opportunity.