The company also announced other senior-level organisational changes, with Kiran Thadimarri, group finance controller, being elevated to the executive management team. Thadimarri will have the additional responsibility of handling treasury operations, corporate finance and corporate audit, and will report to the CEO.
Further, Vishnu Menon, head – corporate strategy & investor relations, has been given additional charge of business finance.
Thadimarri and Menon will work towards further strengthening financial and governance practices at Udaan “with the objective of enabling the company to achieve operational profitability and public market readiness in the next 12-18 months,” the company said.
“These organisational changes are to promote future leaders from our strong talent pipeline while laying the foundation for the next phase of the growth journey. We believe that empowering our internal leaders will not only strengthen our operational capabilities but also drive sustainable growth,” said Vaibhav Gupta, cofounder & CEO, Udaan. “I would like to thank Aditya for his invaluable contribution to the organisation and wish him the very best in his future endeavours.”
ET reported on January 16 that Udaan’s valuation has fallen by nearly half to around $1.8 billion in a down round, marking one of the most precipitous drops for a startup that has raised over $1 billion.
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Udaan closed a $340 million financing last December by largely converting debt notes into equity. The round also included a fresh equity infusion. It did not disclose the valuation. Udaan counts China’s Tencent, DST Global among its top investors.