Powering India’s growth: How udaan and JPMorganChase are enabling small businesses to thrive and grow

India is a behemothic country – both in terms of population and size. One of the many challenges the country faces due to its scale and expanse is the ability to logistically connect its business owners to customers across every corner of the country.  

Kirana stores — small neighborhood convenience shops akin to mom-and-pop grocery stores — grapple with such supply chain and distribution challenges. This issue is particularly acute given that India has 13 million such stores, forming a crucial part of its MSME (Micro, Small, and Medium Enterprise) sector. Data shows that in 2022–23, MSMEs contributed nearly a third to the country’s GDP and accounted for approximately 46% of exports in 2023–24.

In addition, such stores tend to face challenges related to stock management, product assortment, delivery logistics, supplier reliability, poor tech adoption, and competition from larger retailers and quick commerce firms.

udaan, India’s leading eB2B commerce platform, is aiming to tackle these challenges by offering customized product offerings for different regions; promoting price transparency; supporting inventory management through small minimum order quantities (as low as INR 3,000) and next-day doorstep delivery for over 90% of items. On the supply side, udaan connects and helps small businesses access to buyers across the country.

JPMorganChase is proud to support udaan in connecting India’s small business owners with the rest of the country to help build more inclusive and resilient economies across the markets it serves.

A history of support

Operational since 2016, udaan has been a JPMorganChase client for over three years. The bank has provided wide-ranging services to the company including working capital support, which udaan needs to pay vendors, fleet owners and drivers on time and maintain stocks – all of which are critical for cash and supply chain management.

Piyush Dudhani, Head of Treasury and Corporate FP&A at udaan, highlighted the strength and reliability that define the company’s enduring partnership with JPMorgan Chase. He noted that even during challenging times, JPMorgan Chase continued to extend working capital support to udaan—demonstrating strong confidence in the business and a deep commitment to the relationship. This support, he added, stands as clear evidence of the mutual trust and strategic alignment between the two institutions.

JPMorganChase has also aided udaan in its fundraising journey across debt markets along with enabling an API-based payouts to vendors – a service that helps businesses automate and optimize payment processes and went live in 2024.

Jatin Dhanak, Executive Director, New Economy & E-Commerce and Coverage Head – India, JPMorganChase, said, “udaan’s key proposition lies in how they’ve enabled digitization in the supply chain ecosystem for small kirana stores, reduced their wastage, and increased their margins, improving the life of these small mom-and-pop shops.” 

udaan has transformed the way Kirana stores operate in India by optimizing their processes for better financial outcomes. This shift has had a ripple effect, enabling these stores to expand nationwide while “increasingly leveraging eB2B platforms to streamline procurement, access formal credit, and enhance customer service”, according to a recent report.

Reflecting on JPMorganChase’s relation with udaan, Dhanak said it has been “a rewarding journey”.

Transforming lives, one customer at a time

udaan has witnessed tremendous success and scale since its inception. It enjoys a 90% repeat rate across India, a metric that Dudhani said had been consistent for many months.

udaan’s Micro-Market strategy (cluster approach) has yielded great results in Bengaluru and Hyderabad. It serves ~80% of kirana stores in Bengaluru, with as many as 15,000 stores transact daily on the platform.

The company’s work is transforming the fortunes of Indian MSMEs.

A family-run retailer based in southern India that deals in staples and consumer goods tripled its growth thanks to udaan, which it began working with in 2019.

It credits the platform with offering affordable prices, ensuring on-time delivery, and providing the option to place small-size orders.

JPMorganChase is excited for the future of its collaboration with udaan and looks forward to supporting the company as it transforms India’s economy one customer at a time.

Learn more about JPMorganChase’s commitment to India here