Udaan arm net loss narrows to Rs 666 crore in FY24

B2B e-commerce platform Udaan's online marketplace vertical Hiveloop Technology Private Limited has reported a narrowing of its loss to Rs 666 crore in 2023-24, according to documents shared by market intelligence firm Tofler.

Hiveloop Technology recorded a loss of Rs 1,080 crore in the financial year (FY) 2023.

Hiveloop Technology Private Limited (HTPL) revenue declined by about 41 per cent to Rs 224.83 crore in FY24 from Rs 381.62 crore in FY23.

"The company's total expenses for the fiscal were reported at Rs 951 crore," according to the documents.

Trustroot Internet Private Limited, the parent firm of Udaan, has also reported a narrowing of loss to Rs 1,674.1 crore in FY24 against Rs 2,075.9 crore in FY23.

The revenue of Trustroot Internet increased by 1.7 per cent to Rs 5,706.6 crore in FY24 from Rs 5,609.3 crore in FY23.