Udaan, a B2B e-commerce firm, recorded a six-fold increase in product shipments to 1.7 billion in 2022, according to data from the company. This is a significant increase from the 260 million products shipped, catering to over 22 million orders, in 2021.
The company, which is backed by Lightspeed Venture and Microsoft, reported that total shipments to over 1,200 towns and cities included more than 70 million electronics products, more than 30 million products each in the lifestyle and general merchandise category, 900,000 tonnes of essentials, and 150,000 tonnes of FMCG products.
Udaan's CEO, Vaibhav Gupta, stated that the company is well positioned to take advantage of the huge opportunity in the B2B e-commerce market, which has an addressable market of approximately $1 trillion and a penetration of less than 1%. Gupta attributes the company's success to its nationwide supply chain and logistics network, superior technology platform and trade credit capabilities.
In 2022, Udaan saw a huge surge in demand for essentials, with a repeat purchase rate of over 89%, and the highest demand coming from Uttar Pradesh, Delhi, Karnataka, Maharashtra and Telangana.
Personal care products grew by 34% to 430 million in 2022 and 210 million home care items were shipped. The electronics business catered to 2.5 million orders and over 71 million products were shipped through its platform, with the majority of orders coming from Karnataka, Assam, Uttar Pradesh, Andhra Pradesh, Bihar, Tamil Nadu, and West Bengal.