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B2B e-commerce platform Udaan cuts jobs of 350 employees

Business-to-business (B2B) e-commerce platform Udaan, which raised $120 million last month, has terminated jobs of nearly 350 employees who were on the regular payroll, while asking hundreds of contractual workers to leave too, IANS reported.
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“As we move forward towards making Udaan a profitable company, the efficiency enhancement drive and the evolution in business model has created some redundancies in the system, with some roles no longer required,” a company spokesperson said in a statement.

Udaan last month raised $120 million in convertible notes and debt, as it plans an initial public offering (IPO) in the next 12-18 months.

Udaan’s chief financial officer Aditya Pande wrote in an email that the funds raised by Udaan through convertible notes and debt in the last four quarters have crossed $350 million.

Earlier this year, Udaan raised $250 million, $200 million in convertible notes and $50 million in debt.

In the calendar year 2021, Udaan raised $500 million, taking its total raise to $1.4 billion to date.

Udaan plans to scale its warehouse capacity to 50 million square feet across the country in the next seven-eight years.

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