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Udaan fires over 100 employees days after securing $340 million in capital
Money Control
·
1y ago
Medial
After securing $340 million in capital, B2B e-commerce unicorn Udaan has reportedly laid off around 150 employees, constituting about 10% of its total workforce. The layoffs are attributed to a significant shift in the company's operational structure, moving from a pan-India focus to decentralized operations with separate teams for different clusters. Udaan's recent funding round aimed to fuel its expansion and strengthen its position in the B2B e-commerce space.
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udaan raises nearly Rs 300 crore debt from funds including Lighthouse Canton, Stride Ventures, InnoVen Capital and Trifecta Capita
Economic Times
·
9m ago
Medial
EB2B platform udaan has secured new debt financing of around Rs 300 crore from investors such as Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital. This funding comes after udaan's $340 million Series E financing round. The company plans to use these funds to expand its geographical footprint, enhance operational capabilities, streamline supply chain processes, open new Micro-fulfilment Centres, and improve service delivery. Profitability is a key priority for udaan, and it aims to reinforce its leadership in the eB2B market.
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Udaan FMCG biz head Vinay Shrivastava quits; fourth senior exit since Sept’23
Economic Times
·
1y ago
Medial
Vinay Shrivastava, the FMCG business head of Udaan, has resigned from his position after almost four years with the company. This is the fourth senior exit from Udaan since September 2023. Udaan has been restructuring its teams and business verticals to streamline costs, including merging its essentials and discretionary business divisions. The company recently raised $340 million in a funding round, but its valuation has fallen to around $1.8 billion.
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Udaan raises Rs 300 Cr debt from Lighthouse Canton and others
Entrackr
·
9m ago
Medial
B2B e-commerce platform Udaan has raised nearly Rs 300 crore (over $35 million) in debt funding from Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital. This is the first debt round for the Bengaluru-based company in the past year. The new funds are intended to strengthen Udaan’s balance sheet and support its mission of empowering small businesses across India, the company said in a press release. In December 2023, the firm raised a $340 million Series E round led by M&G Plc, with participation from existing equity investors Lightspeed Venture Partners and DST Global. Although this round provided a financial boost to Udaan, its valuation dropped by 59.3%, settling at $1.3 billion, down from a peak valuation of $3.2 billion. According to Udaan, the company is on track to achieve profitability, reporting a 60% increase in revenue and more than a 50% rise in daily transacting buyers in 2024. Udaan also claimed a 30% reduction in absolute EBITDA burn in the current calendar year. The eight-year-old company operates a marketplace across several categories, including lifestyle, electronics, home and kitchen, staples, fruits and vegetables, FMCG, pharma, toys, and general merchandise. It claims to have a network of over 3 million retailers across 900 cities. Udaan has been actively cutting costs over the past year, as evidenced by layoffs. In December 2023, the company let go of more than 100 employees. While Udaan has yet to disclose its FY24 numbers, its gross revenue (GMV) dropped by 43.1% to Rs 5,629 crore in FY23, down from Rs 9,900 crore in FY22. However, its losses also narrowed by 33.7%, from Rs 3,132 crore in FY22 to Rs 2,076 crore in FY23.
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B2B ecommerce unicorn Udaan raises fresh debt
VCCircle
·
9m ago
Medial
B2B ecommerce platform Udaan has secured approximately Rs 300 crore ($40.6m) in debt financing from venture debt investors including Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital. The funds will be used to strengthen Udaan's balance sheet, expand its geographical reach, improve operational efficiency, and enhance service delivery for customers. Udaan aims to continue leading the B2B market in the evolving business landscape. This debt funding follows a $340 million Series E financing round led by M&G Plc earlier this year. Udaan reported consistent growth and is on track to achieve profitability.
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Third Wave Coffee fires more than 100 employees two months after raising $35M
Entrackr
·
1y ago
Medial
Third Wave Coffee, an Indian coffee chain, has reportedly laid off over 100 employees, just a few months after raising $35 million in a Series C funding round. The affected employees come from various teams, including tech, finance, and marketing. This marks the first instance of layoffs for the Bengaluru-based company. Third Wave Coffee, which offers curated food and handpicked coffee, has cafes in several Indian cities and had plans to expand further with the latest funding. The company has raised over $60 million in the past two years.
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Udaan closes another Rs 300 crore in debt from Lighthouse Canton, Stride Ventures, others
Economic Times
·
9m ago
Medial
B2B online platform Udaan has closed a debt-financing round of approximately Rs 300 crore. The funds were raised from investors Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital. Udaan plans to use the capital to expand its reach across India, enhance its operations, streamline supply chain processes, and establish new micro-fulfilment centres. The funding confirms Udaan's sustained growth and will help it strengthen its position as a preferred partner for kirana stores and small businesses. This round follows Udaan's previous Series E funding of USD 340 million in December 2023.
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Udaan Seeks Fresh Funding Of Up To $100 Mn
Inc42
·
9m ago
Medial
M&G Prudential has announced a new round of funding that will increase its stake in Udaan, a digital commerce platform. The funding will raise Udaan's valuation to $1.8 billion. In December 2023, Udaan raised $340 million in a Series E funding round led by M&G Prudential.
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Ola Electric fires 500 staff to boost profits amid share price drop
The Arc Web
·
8m ago
Medial
Ola Electric has laid off between 340 and 500 employees over the past few months, according to two sources who are aware of the matter. The cuts are part of a restructuring effort to lower costs as the EV maker faces pressure from public markets to enhance its margins
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[Weekly funding roundup June 7-14] Indian startups see marginal rise in VC inflow
YourStory
·
1m ago
Medial
Indian startups experienced a marginal rise in venture capital funding, securing $299 million across 22 deals in the second week of June, a 40% increase from the previous week. However, this remains within the $100-200 million range seen over the past 12 weeks, indicating a subdued funding environment. Noteworthy transactions included CRED raising $72 million and GIVA securing $52.6 million. Despite limited $100 million-plus deals, interest in the startup ecosystem persists.
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Chingari fires up to 50% of workforce in second job cut round in two months
Economic Times
·
1y ago
Medial
Chingari, an Indian short-video platform, has reportedly laid off around 50% of its workforce due to funding challenges. The cuts impacted employees in various teams, and some remaining employees were asked to take pay cuts of up to 50%. The platform has been facing difficulties in raising funds and has been undergoing organizational restructuring. Chingari recently reached 100 million downloads on the Google Play store and has over 5 million Daily Active Users.
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