BENGALURU: Days after raising $340 million in Series E round, B2B ecommerce platform Udaan has fired nearly 120 employees. According to sources, the start-up is now focused on enhancing its growth and hence job cuts.
A spokesperson from Udaan confirmed the development and said, “Over the last few years, we have made significant investments to build a solid and sustainable business. We believe in efficiency as a driver of profitable growth and are continuously making efforts to enhance efficiency, grow business sustainably and further improve customer experience.”
Udaan said it has made significant progress in building a profitable business and continues to make relevant interventions to its already proven business model. “However, these interventions have also resulted in some redundancies in the system,” it said.
The platform said it is providing support to the impacted employees. This is the company’s third round of layoffs as previously in two rounds, it fired about 550 employees. Currently, the platform employs about 1,600 people. In September, it announced organisational changes and as part of it, the platform’s essential business, encompassing FMCG, staples, and pharma categories have been consolidated with the discretionary business, which includes general merchandise, lifestyle and electronics categories.
After raising funds, Vaibhav Gupta, co-founder and CEO, Udaan said, “It enables our continued journey of growth and profitability, positioning us well to be public-market ready in the next 12-18 months.”