Soumya Gupta
Soumya Gupta
The B2B ecommerce unicorn may sack 800 employees, far higher than the figure in media reports, as it tries to improve its financial condition in the long run-up to an IPO. There are also business challenges, with inflation and market-share battle leaving it stretched thin
June 28, 2022
8 MINS READJust last year, Indian startups loaded with cash were tripping over each other to recruit people in numbers. This period of excess is unravelling as swiftly as it began. Since February, tech companies have shed 10,000-plus employees to cope with the funding squeeze. The layoffs are far from over.
Udaan, last valued at over $3 billion, is the latest unicorn to add to this sombre statistic after Unacademy, Ola and Meesho, among others. The online business-to-business marketplace is in the process of sacking about 800 staffers across the board, including some top executives, three people aware of the developments told The CapTable.
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