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.
“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.
