Updated December 18th, 2023 at 19:44 IST
Udaan lays off 150 employees after $340 million fundraise
The company has repeated its trend the second time of firing staffers after raising fresh capital
- 1 min read
B2B e-commerce unicorn Udaan has fired 10 per cent of its workforce or around 150 individuals citing a “fundamental shift in the way it operates,” as per media reports.
The development comes right at the heel of its $340 million fundraise on December 15 led by UK’s M&G Prudential and existing investors Lightspeed Venture Partners, DST Global.
Udaan confirmed the development to a publication but did not confirm the number of sacked staff. There is a likelihood that the numbers are over 150, as per multiple reports.
The company’s decision to restructure its business has impacted employees across roles, from peons to senior executives.
The most affected are departments are marketing, finance, category and operations.
As per reports the company has decided to decentralise operations and exit regions that have not yielded desired results.
The company shares a similar fate of Tiger Global-backed DealShare, which shut down their B2B business and laid off all employees due to bleak margins.
Founded in 2016 by former Flipkart executives Sujeet Kumar, Amod Malviya and Vaibhav Gupta, Udaan has raised over $1.8 billion from Tencent, DST Global and as per markets data provider Tracxn.
Published December 18th, 2023 at 19:44 IST