Udaan to trim costs ahead of 2025 IPO financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Lightspeed Venture Partners-backed Udaan is among startups trying to tap the rapid growth of Indias economy and consumer market, while meeting investor demands for profitability. Udaan, which at its peak employed thousands, joined fellow Indian startups in slashing jobs last year and tightening internal controls and compliance. It now has about 1,800 staff, and Gupta didnt specify if further job cuts are needed.
Indian e-commerce startup Udaan is focusing on reducing costs and forming partnerships with consumer brands ahead of its planned IPO in 2025. CEO Vaibhav Gupta aims for the company to achieve operating profitability within 18 months. Udaan, backed by Lightspeed Venture Partners, is part of a wave of startups in India seeking to tap into the country s growing economy while meeting investor demands for profitability. Udaan, which offers an online marketplace and logistics network for small merchants, is also venturing into financing through its fintech unit.
Udaan, which competes with Reliance Industries Ltd. and Walmart Inc.’s Flipkart in helping smaller merchants source their goods, will make an operating profit within 18 months, Chief Executive Officer Vaibhav Gupta said in an interview. That’s set to happen around the same time as its initial public offering, he said.
By Andy Mukherjee A case of Dove bars, a couple of dozen Lay’s packets, six jars of Nutella. To the owner of a tiny mom-and-pop store, these may just be the humdrum weekly sales figures for soap, chips and bread spread. But to Solv, a business-to-business marketplace for India’s 6 crore-plus small companies, they’re all crucial pieces of a gigantic banking jigsaw.