Hiveloop Technology's Loss Narrows Amid Revenue Decline

Hiveloop Technology Private Limited reported a reduced loss of Rs 666 crore in FY24, down from Rs 1,080 crore in FY23. Revenue decreased by 41% to Rs 224.83 crore. The parent company, Trustroot Internet, also saw a decreased loss, with a slight revenue increase to Rs 5,706.6 crore.

Hiveloop Technology Private Limited, the online marketplace arm of B2B e-commerce platform Udaan, has reported a significant reduction in loss for the fiscal year 2023-24. According to documents provided by market intelligence firm Tofler, the company's loss narrowed to Rs 666 crore, a stark improvement from the Rs 1,080 crore loss recorded in the previous financial year.

Despite this positive development in losses, Hiveloop Technology experienced a notable decline in its revenue. The company's revenue dipped by approximately 41%, reaching Rs 224.83 crore in FY24 from Rs 381.62 crore in FY23. Meanwhile, total expenses for the fiscal year amounted to Rs 951 crore, as detailed in the documents.

On the other hand, Trustroot Internet Private Limited, the parent company of Udaan, echoed this trend with a narrowing of its financial loss, reported at Rs 1,674.1 crore in FY24 compared to Rs 2,075.9 crore in FY23. Simultaneously, Trustroot Internet saw a slight upward trajectory in its revenue, posting a 1.7% increase to Rs 5,706.6 crore.

(With inputs from agencies.)