In the week following the $340 million Series E investment round the Bengaluru-based unicorn in business-to-business (B2B) e-commerce, udaan, has let go of around 120 employees.
The organisation is striving to offer the affected workers all necessary assistance, including a compensation package and health insurance, as reported by Inc42.
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The company raised new funds this week, with support from its current investors Lightspeed Venture Partners and DST Global, as well as the UK-based savings and investment firm M&G Prudential.
With the capital, Udaan intends to improve future supply chain and credit capabilities, as well as market penetration, important vendor relationships, and client experience.
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Throughout the nation, udaan has a user base of over 3 million, together with 1.7 million retailers, pharmacies, kirana shops, HoReCa, farmers, and 30,000 sellers.
Through udaanExpress, the platform facilitates supply chain and logistics operations that are founded on reliable technology and allow for daily delivery throughout 900 cities and 12,000 pin codes.
About udaan
Founded in 2016 to use technology to revolutionise the commerce ecosystem in the nation, udaan is the largest eB2B platform in India, enabling small enterprises to take advantage of the scale and power that eCommerce has to offer.
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It operates in several categories, such as toys, general items, FMCG, pharma, home & kitchen, electronics, basics, fruits & vegetables, and lifestyle. Through udaanCapital, it helps small businesses, manufacturers, merchants, and buyers to expand their business by providing trade credit services and financial solutions.
