Udaan spent nearly a decade trying to build an asset-light marketplace for India’s wholesalers. Now it’s trying to become one of them. 

The company that raised over $2.3 billion promising to organise India’s fragmented B2B trade is abandoning the business model it spent six years selling to investors. Instead of connecting buyers and sellers, it increasingly wants to buy products itself, source staples cheaply, and sell them at scale.

“The model now is to become the Dmart for shopkeepers,” said a person familiar with the strategy. “The focus is getting better-quality........

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