NEW DELHI: Homegrown B2B e-commerce platform Udaan has seen one other top-level exit as its Group Chief Monetary Officer (CFO) Aditya Pande who has determined to pursue alternatives exterior of the corporate after three years.
The CFO’s function will now be taken care of by Kiran Thadimarri, Group Finance Controller, and Vishnu Menon, who heads company technique and investor relations (IR), the corporate stated on Monday.
“I wish to thank Pande for his invaluable contribution to the organisation and want him the perfect in his future endeavours,” stated Vaibhav Gupta, CEO and co-founder, Udaan.
Thadimarri has been elevated to government administration crew with further accountability of treasury, company finance, and company audit.
Menon will tackle the extra accountability of enterprise finance, as a part of the organisational modifications.
“Each Kiran and Vishnu will work in the direction of additional strengthening the monetary and governance practices at Udaan with the target of enabling the corporate to attain operational profitability and public market readiness within the subsequent 12-18 months,” the corporate stated in an announcement.
In September final yr, the startup’s Chief Enterprise Officer (CBO) Vivek Gupta and Chief Expertise Officer (CTO) Gaurav Bhalotia had left as the corporate merged its necessities enterprise with the discretionary enterprise.
Udaan’s valuation has dropped by practically half to round $1.8 billion in a down spherical. The Bengaluru-based startup was final valued at $3.2 billion in January 2021, in accordance with newest stories.
Final month, the B2B e-commerce platform raised $340 million (a mixture of fairness and convertible notes) in a Collection E spherical led by UK-based financial savings and funding agency M&G Prudential, and took part by present traders Lightspeed Enterprise Companions and DST International.
The recent funding “allows our continued journey of progress and profitability, positioning us nicely to be public-market prepared within the subsequent 12-18 months”, stated Gupta.
In the identical month, Udaan had laid off greater than 100 workers as a part of a restructuring train.
