Shortly after $340 million raise, Udaan lays off over 100 employees

economictimes.indiatimes.com:

Udaan on Monday laid off 100 to 120 employees, about 10% of its workforce, days after raising $340 million in a funding round.
Most of the job cuts happened in the go-to-market (GTM) team, which handles relationships with sellers, among other responsibilities, people in the know said. The layoffs, the sources explained, were due to redundancies following a rejig of the business in September.

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That revamp combined Udaan’s ‘Essentials’ vertical, encompassing fast moving consumer goods, staples and pharmaceutical categories, with its ‘Discretionary’ vertical, which includes the general merchandise, lifestyle and electronics categories.

In a statement, an Udaan spokesperson confirmed the layoffs, saying interventions” that were made to build' a “profitable business” had “resulted in some redundancies in the system”, without revealing specific details or figures. “We are working towards providing all the requisite support to the impacted employees, including medical insurance, and a compensation package as per company policy and placement assistance,” the statement added.
The layoffs come shortly after the company announced a $340 million funding round led by UK savings and investment firm M&G Prudential on December 15. The round was a combination of fresh equity as well as the conversion of existing debt in the form of convertible notes into equity.
This was the first equity round raised by Udaan since 2021. Though it declined to comment on the