Udaan
Acquisitions
3
Major Deals Covered
$5.1B
Disclosed Deal Value
Udaan's largest disclosed acquisition here is Lynk Logistics for $5B in 2026. This page covers 3 major deals from 2020 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| ShopKirana | 2025 | $88.5M | Strengthen FMCG distribution to kiranas in central India. |
| Lynk Logistics | 2026 | $5.0B | Acquired retail FMCG distribution business Lynk Logistics from Swiggy to expand tech-enabled supply chain access to mom-and-pop stores. |
| UdaanCapital SME Lending & Underwriting Tech Assets | 2020 | Undisclosed | Acquired proprietary algorithmic credit assessment and digital invoice-discounting technology to power UdaanCapital. |
2026
$5.0B
Acquired retail FMCG distribution business Lynk Logistics from Swiggy to expand tech-enabled supply chain access to mom-and-pop stores.
Added over 100,000 retail store touchpoints and FMCG brand distribution partnerships across Southern India.
Integrated fulfillment infrastructure into UdaanExpress.
2025
$89M
Strengthen FMCG distribution to kiranas in central India.
ShopKirana shareholders, including Info Edge and Sixth Sense Ventures, received an estimated 7-8% of Udaan.
All-stock deal completed July 2025.
2020
Acquired proprietary algorithmic credit assessment and digital invoice-discounting technology to power UdaanCapital.
Enabled real-time working capital financing and revolving credit lines for hundreds of thousands of small merchants.
Formed the fintech backbone of Udaan's trade financing operations.
Udaan's plan centres on essentials: groceries and FMCG for kiranas, the Horeca360 offering for restaurants and caterers, and deeper coverage in existing cities rather than new ones. ShopKirana extends its reach in Madhya Pradesh and nearby markets.
Udaan earns most of its revenue by buying groceries, staples and packaged FMCG goods from brands and mills and reselling them to kirana stores, small retailers and HoReCa buyers at a trading margin, with doorstep delivery from its own warehouses. Additional income comes from brand-funded trade schemes and visibility on the app, delivery charges and retailer credit offered through UdaanCapital with partner lenders. Between 2021 and 2023 the company moved from an open multi-category marketplace to a controlled, inventory-led hyperlocal model that the CEO has compared to a D-Mart for shopkeepers.
In July 2025, Udaan acquired Indore-based B2B e-commerce platform ShopKirana in a strategic buyout, instantly expanding its grocery distribution footprint across Madhya Pradesh, Rajasthan, and Central India.
ShopKirana possessed deep, hyper-dense relationships with over 50,000 kirana stores across Tier-2 cities in Central India, allowing Udaan to expand into high-growth regional corridors without incurring heavy greenfield customer acquisition costs.
Udaan finalized a comprehensive $160 million recapitalization agreement with its creditors and shareholders, featuring new senior debt from BlackRock's credit platform, fresh equity, and debt-to-equity conversions that resolved a $178 million claim.
Trustroot Internet had issued approximately $170 million in convertible debt notes in 2021–2022. As tech valuations adjusted and IPO timelines extended, noteholders sought redemption, prompting structured restructuring negotiations.
BlackRock's global private credit platform provided approximately $45 million in structured senior secured debt financing, anchoring the debt package and providing operational runway through to projected profitability.
UK asset manager M&G Prudential led a $114 million Series G funding round in June 2025, demonstrating institutional confidence in Udaan's inventory-led B2B turnaround.
Udaan made selective acqui-hires and technology tuck-ins in digital logistics dispatch and SME lending algorithms to fortify its UdaanExpress and UdaanCapital software stacks.
Udaan is executing a legal merger to move its corporate holding company from Singapore (Trustroot Internet) back to India, simplifying regulatory compliance under the Reserve Bank of India and SEBI ahead of an Indian IPO.
Acquired entities like ShopKirana have their regional warehouses connected to Udaan's centralized ERP, inventory procurement, and credit underwriting engines, while retaining localized on-ground sales teams.
Udaan focuses primarily on organic density expansion in its 16 core cities, pursuing M&A only when an acquisition offers established regional retail networks that would be slower or costlier to build organically.
Udaan relied heavily on convertible debt and venture loans to bridge financing rounds during the global tech funding winter, requiring careful restructuring to align capital structures for public markets.
The company plans to preserve cash, avoid aggressive acquisitions, complete its reverse flip to India, achieve operational EBITDA breakeven, and access public equity capital via a domestic stock market listing.
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