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Udaan Charts New Financial Course: CFO Departure Sparks Leadership Shift Amidst Valuation Challenges

Udaan, the B2B e-commerce platform, recently underwent significant organizational changes with the departure of its group CFO, Aditya Pande. This prompted the company to announce key senior-level adjustments, elevating Kiran Thadimarri, the group finance controller, to an expanded role within the executive management team. Thadimarri, who has been with Udaan for nearly three years and previously collaborated with Pande at GE Healthcare, will now oversee treasury operations, corporate finance, corporate audit, and maintain his existing responsibilities as financial controller. Meanwhile, Vishnu Menon, head of corporate strategy and investor relations, will take on additional responsibilities in business finance.

Pande, having served over three years as group CFO, decided to explore opportunities beyond Udaan. His departure follows that of the chief technical officer (CTO) Gaurav Bhalotia in September. Udaan is strategically focusing on reinforcing its financial and governance practices under the leadership of Thadimarri and Menon. The company aims to achieve operational profitability and prepare for the public market within the next 12-18 months, as stated in their official release.

Despite these internal changes, Udaan has faced challenges such as a significant workforce reduction of over 100 employees since September, citing a 'restructuring exercise.' Simultaneously, the company successfully raised a new funding round of $340 million. However, it is noteworthy that Udaan's valuation experienced a substantial 48% decrease, falling from its peak of $3.2 billion in 2021 to $1.7 billion. The company's financial performance also saw a decline, with gross revenue (GMV) decreasing by 43.1% to Rs 5,629 crore in FY23 from Rs 9,900 crore in FY22, and losses narrowing by 33.7% to Rs 2,076 crore in FY23 from Rs 3,132 crore in FY22.


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