businesstobusiness b2b ecommerce marketplace udaan has retrenched 300350 onroll employees and a significant chunk of its contract workforce for a total layoff count to over 1000 people according to sources aware of the matterthis is the second round of layoffs for the lightspeed venture partnersbacked company after it laid off 180200 employees or 5 of its workforce in june back then as well the company had laid off 700800 offroll employees a spokesperson declined to comment on the exact number of employees laid off but confirmed the developmentas we move forward in our journey towards making udaan a profitable company the efficiency enhancement drive and the evolution in business model has created some redundancies in the system with some roles no longer required as a responsible organisation we are working towards providing all requisite support to the impacted employees the company said in a statement advt the development comes soon after the company raised 120 million through convertible notes from existing shareholders and bondholders as announced by udaan cfo aditya pande to employees in an internal memo this is the second time the company is raising funds through convertible notes after it raised about 225 million through convertible notes in january the layoffs also come at a time when the companys ipo has been delayed pandes note said the company is planning to go public in the next 1218 months signalling a delay in its initial public offering ipo udaan ceo vaibhav gupta had told et in february that the company was planning to go public by may 2023the companys predicament also comes at a time when rivals are making headway in the b2b ecommerce space for instance elastic run and shop kirana are emerging as competitors even as deeppocketed companies flipkart wholesale amazon business and jiomart partners continue to maintain a presence in the marketudaan meanwhile has been trying hard to improve its unit economics especially in the food and fmcg categories which were put on the backburner when it was growing at breakneck speed in 2019in january udaan had raised 220 million through convertible notes from a group of investors before microsoft also pitched in taking the total to about 225 million advt in 2021 a year when tech companies were raising funds at a recordbreaking pace udaan only managed to raise equity funds once raking in 285 million in january in a round that valued the company at 3 billionet had reported on october 12 that latestage startups are increasingly looking at raising money through convertible debt instruments as they have been finding it difficult to provide exits to investors with public markets slumping and private funding cooling off ettech published on nov 4 2022 at 0425 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul