NEW DELHI: Homegrown B2B e-commerce platform Udaan, which raised $340 million final week, laid off greater than 100 workers as a part of a restructuring train.
An organization spokesperson stated that they’ve made vital progress of their journey in direction of constructing a worthwhile enterprise and “proceed to make related interventions to our already confirmed enterprise mannequin, whereas remaining buyer centric and agile”.
“Nevertheless, these interventions have additionally resulted in some redundancies within the system,” the spokesperson stated in a press release.
The Bengaluru-based firm restructured its enterprise models in September to merge the necessities enterprise (FMCG, staples, and pharma) and the discretionary enterprise (common merchandise, life-style, and electronics).
“We stay dedicated to our aim of driving Kirana commerce and empowering small & medium companies of Bharat by leveraging the ability of e-commerce,” the corporate spokesperson added.
In 2022, Udaan had fired over 500 workers in two phases. Final week, 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 current traders Lightspeed Enterprise Companions and DST International.
Udaan stated that it goals to deploy contemporary funds in direction of strengthening buyer expertise, market penetration, strategic vendor partnerships, and to strengthen long-term capabilities of supply-chain and credit score.
The contemporary funding “allows our continued journey of development and profitability, positioning us effectively to be public-market prepared within the subsequent 12-18 months”, stated Vaibhav Gupta, Udaan co-founder and CEO.
Based in 2016, Bengaluru-based Udaan has raised $1.8 Bn in funding thus far.
In FY23, the unicorn noticed its working income nosedive by 43 per cent to Rs 5,609 crore from Rs 9,897.3 crore in FY22.
