Homegrown B2B e-commerce platform Udaan has reportedly lower greater than 100 jobs. The layoffs are mentioned to be a part of a restructuring train. 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, way of life, and electronics).
What the corporate mentioned on job cuts
“Now we have already made important progress in our journey in the 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,” mentioned the corporate in a press release.
Job cuts comply with funding spherical
The job cuts have been introduced simply days after the corporate secured $340 million in capital. Final week, the B2B e-commerce platform raised $340 million (a mixture of fairness and convertible notes) in a Sequence E spherical led by UK-based financial savings and funding agency M&G Prudential, and took part by present buyers Lightspeed Enterprise Companions and DST International.
By the way, that is the second occasion, within the final 13 months, the place Udaan has sacked staffers quickly after it raises a brand new spherical of capital. In November 2022 too, Udaan fired 10 p.c of its workforce days after elevating $120 million in convertible notes. In 2022, Udaan had fired over 500 staff in two phases. Some studies put the variety of staff fired within the final spherical at 150, or about 10 p.c of its complete workforce.
Udaan mentioned that it goals to deploy contemporary funds in the 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 “permits our continued journey of progress and profitability, positioning us properly to be public-market prepared within the subsequent 12-18 months”, mentioned Vaibhav Gupta, Udaan co-founder and CEO. Based in 2016, Bengaluru-based Udaan has raised $1.8 billion 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.
What the corporate mentioned on job cuts
“Now we have already made important progress in our journey in the 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,” mentioned the corporate in a press release.
Job cuts comply with funding spherical
The job cuts have been introduced simply days after the corporate secured $340 million in capital. Final week, the B2B e-commerce platform raised $340 million (a mixture of fairness and convertible notes) in a Sequence E spherical led by UK-based financial savings and funding agency M&G Prudential, and took part by present buyers Lightspeed Enterprise Companions and DST International.
By the way, that is the second occasion, within the final 13 months, the place Udaan has sacked staffers quickly after it raises a brand new spherical of capital. In November 2022 too, Udaan fired 10 p.c of its workforce days after elevating $120 million in convertible notes. In 2022, Udaan had fired over 500 staff in two phases. Some studies put the variety of staff fired within the final spherical at 150, or about 10 p.c of its complete workforce.
Udaan mentioned that it goals to deploy contemporary funds in the 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 “permits our continued journey of progress and profitability, positioning us properly to be public-market prepared within the subsequent 12-18 months”, mentioned Vaibhav Gupta, Udaan co-founder and CEO. Based in 2016, Bengaluru-based Udaan has raised $1.8 billion 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.
