Bengaluru-based unicorn has laid off 180 employees.???
Bengaluru-based business-to-business (B2B) marketplace Udaan has laid off around 180 to 200 individuals. Due to the removal of so many employees simultaneously, there has been a reduction in the number of employees by 4 to 5 percent in the company. The layoffs come at a time when the Bengaluru-based corporation is trying to become a publicly-traded entity within the next 18-24 months. It is focusing on the positive entity's economic position and for this purpose is tracking the quarterly performance of the firm. The number of employees of the company is about 4,000. The Economic Times quoted a company spokesperson as saying that this layoff has been done as part of an exercise to increase efficiency.
"As the market evolves, we continue to build on our already proven business model to be stronger, more efficient, customer-centric, and agile," the company said in a statement. Various steps have been taken to refine the structure and to grow rapidly. This is our journey to achieve strong unit economics."
In april 2020, in view of the corona epidemic, the central government imposed a nationwide lockdown. At such a time, Udaan had hired a large number of contract employees to save money.
Like Microsoft, M&G Prudential, Kaiser Permanente, Nomura, TOR, Arena Investors, Samena capital, and Ishana capital The development comes just six months after it raised $250 million in a convertible note round from investors.
Udaan was founded in 2016 by former flipkart employees – Amod Malviya, Sujit Kumar, and Vaibhav Gupta. It unites wholesalers, retailers, manufacturers, and traders under one roof and gives them access to a wide range of customers, vendors, and products. To get more profit, merchants can communicate with each other directly through the site.
