NEW DELHI: Homegrown B2B e-commerce platform Udaan, which raised $340 million last week, laid off more than 100 employees as part of a restructuring exercise.
A spokesperson said they have made significant progress in their journey towards building a profitable business and “continue to make relevant interventions to our already proven business model while remaining customer-centric and agile”.
“But, these interventions have also resulted in some redundancies in the system,” the spokesperson said in a statement.
The Bengaluru-based firm, which has raised $1.8 bn till date, restructured its business units in September to merge the essentials business and the discretionary business.
“We remain committed to our goal of driving Kirana commerce and empowering small & medium businesses of Bharat by leveraging the power of e-commerce,” the spokesperson added. In 2022, Udaan had fired over 500 employees in two phases.
Last week, the B2B platform raised $340 mn (equity and convertible notes) in a Series E round led by UK-based M&G Prudential, besides existing investors Lightspeed Venture Partners and DST Global.