India Business News: Ex IndiGo & Udaan CFO Aditya Pande will become the CEO of InterGlobe Enterprises from March 1. Pande will have overall responsibility for setting IGE’s strategic agenda and strengthening the leadership of the company’s line businesses and corporate staff functions.
Pande returns to the travel group after three years. He was previously CFO at InterGlobe Aviation, which he left in 2021 to join Udaan as its finance chief
Bengaluru-based Udaan was last valued at $3.2 billion following a funding round in January 2021. It closed a $340 million financing last December by largely converting debt notes into equity. The round also included a fresh equity infusion. It did not disclose the valuation.
Business-to-business (B2B) ecommerce platform Udaan has taken a major hit with its valuation being chopped by nearly half to $1.8 billion in a down round. This and more in todays ETtech Morning Dispatch.
Pine Labs and Udaan are the latest to plan shifting their holding companies to India with an eye on the long term. They join several other well-funded and highly valued startups that are moving their overseas holding companies to India — or ‘reverse flipping ahead of listings.