Udaan enlists Nillambaran Ganenthiran to boost financial revival and strategic direction

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Udaan, a prominent player in B2B e-commerce, has welcomed Nillambaran Ganenthiran, former Instacart executive and investor in the quick commerce startup Zepto, to its board of directors at parent company Trustroot Internet.

Confirmation of Board Role

Official records indicate that Ganenthiran formally assumed his board position on August 17. While Udaan has verified this appointment, specifics remain undisclosed.

Representation by Lightspeed

Ganenthiran’s board presence is anticipated to symbolize Lightspeed, the principal shareholder in Udaan. Presently, Lightspeed India holds two board seats, with Bejul Somaia, a partner at Lightspeed, being the other nominee.

Active Involvement Expected

Insiders anticipate that Ganenthiran will proactively contribute to pivotal strategic decisions as a vital member of the board.

Context: Funding Endeavors and Financial Resilience

Udaan is purportedly engaged in discussions to secure an internal funding round of $200-250 million. This round may witness participation from Lightspeed and other incumbent investors. However, economic challenges have generated concerns about a potential valuation reduction for Udaan.

Financial Performance and Transformation Efforts

Aligned with numerous Indian unicorns, Udaan has confronted notable losses. In the fiscal year 2021-22, the company recorded a loss of INR 3,075 crore, marking a 1.2X escalation from the previous year. Despite this, its operational revenue surged by 1.7X year-on-year to INR 9,943.8 crore in FY22. Responding to these challenges, Udaan has executed cost-saving initiatives, encompassing workforce reduction and streamlined operations.

Udaan’s Background and Outreach

Founded in 2016 by Sujeet Kumar, Vaibhav Gupta, and Amod Malviya, Udaan operates across 1,000 Indian cities, offering an extensive array of products. It has cultivated a network comprising 3 million retailers and over 30,000 sellers across the nation. Additionally, the company has garnered approximately $1.6 billion in funding through diverse rounds, with a recent debt round facilitated by Temasek-backed EvolutionX Debt Capital in November.

Envisioning Future Progress

Ganenthiran’s inclusion is poised to bolster Udaan’s ongoing endeavours to navigate the intricate economic landscape, optimize its functioning, and secure funding to sustain its growth trajectory.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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Udaan enlists Nillambaran Ganenthiran to boost financial revival and strategic direction

Udaan, a prominent player in B2B e-commerce, has welcomed Nillambaran Ganenthiran, former Instacart executive and investor in the quick commerce startup Zepto, to its board of directors at parent company Trustroot Internet.

Confirmation of Board Role

Official records indicate that Ganenthiran formally assumed his board position on August 17. While Udaan has verified this appointment, specifics remain undisclosed.

Representation by Lightspeed

Ganenthiran’s board presence is anticipated to symbolize Lightspeed, the principal shareholder in Udaan. Presently, Lightspeed India holds two board seats, with Bejul Somaia, a partner at Lightspeed, being the other nominee.

Active Involvement Expected

Insiders anticipate that Ganenthiran will proactively contribute to pivotal strategic decisions as a vital member of the board.

Context: Funding Endeavors and Financial Resilience

Udaan is purportedly engaged in discussions to secure an internal funding round of $200-250 million. This round may witness participation from Lightspeed and other incumbent investors. However, economic challenges have generated concerns about a potential valuation reduction for Udaan.

Financial Performance and Transformation Efforts

Aligned with numerous Indian unicorns, Udaan has confronted notable losses. In the fiscal year 2021-22, the company recorded a loss of INR 3,075 crore, marking a 1.2X escalation from the previous year. Despite this, its operational revenue surged by 1.7X year-on-year to INR 9,943.8 crore in FY22. Responding to these challenges, Udaan has executed cost-saving initiatives, encompassing workforce reduction and streamlined operations.

Udaan’s Background and Outreach

Founded in 2016 by Sujeet Kumar, Vaibhav Gupta, and Amod Malviya, Udaan operates across 1,000 Indian cities, offering an extensive array of products. It has cultivated a network comprising 3 million retailers and over 30,000 sellers across the nation. Additionally, the company has garnered approximately $1.6 billion in funding through diverse rounds, with a recent debt round facilitated by Temasek-backed EvolutionX Debt Capital in November.

Envisioning Future Progress

Ganenthiran’s inclusion is poised to bolster Udaan’s ongoing endeavours to navigate the intricate economic landscape, optimize its functioning, and secure funding to sustain its growth trajectory.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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