Udaan Lays Off 100 Employees Days After Rs 2,800 Crore Fundraise
The layoff comes days after a massive funding round, which made the company 'fully funded', it had said.
Business-to-business e-commerce platform Udaan has laid off about 100 employees, days after finalising a Rs 2,800 crore ($340 million) fundraise.
A spokesperson for the unicorn confirmed the layoff to NDTV Profit. The move is a result of the merger of its essentials business with its discretionary business.
"We have already made significant progress in our journey towards building a profitable business and continue to make relevant interventions to our already proven business model, while remaining customer centric and agile. However, these interventions have also resulted in some redundancies in the system," a spokesperson said.
“Over the last few years, we have made significant investments to build a solid and sustainable business. We believe in efficiency as a driver of profitable growth and are continuously making efforts to enhance efficiency, grow business sustainably and further improve customer experience," the person said.
The development was first reported by Economic Times.
The layoff comes days after a massive funding round, which made the company "fully funded" and put it "on course to achieve its objective of becoming profitable in the next 12-18 months", it had said.
