B2B e-commerce giant Udaan has taken a strategic step in its corporate leadership by appointing Nillambaran Ganenthiran as a board member of its parent company, Trustroot Internet. Ganenthiran's expertise in the quick commerce sector, along with his past experience as an executive at American grocery delivery firm Instacart, is expected to bolster Udaan's growth trajectory. This development comes amidst reports of Udaan's discussions with current investors, including Lightspeed India, for an internal funding round that aims to secure a substantial $200-250 million.
The move to onboard Ganenthiran signifies Udaan's commitment to navigating the evolving landscape of B2B e-commerce, where efficient and timely deliveries have become paramount. His investment involvement with quick commerce startup Zepto further aligns with Udaan's focus on streamlining supply chain operations. Drawing from his tenure at Instacart, Ganenthiran brings valuable insights into optimizing delivery logistics and enhancing user experiences.
In a regulatory filing accessed by Inc42, it was revealed that Ganenthiran assumed his role as a board director on August 17th, cementing his position within the company's governance structure. Udaan's choice to bring him on board underscores its dedication to leveraging seasoned industry professionals to drive innovation and operational excellence.
However, Udaan's recent financial performance has raised questions. The startup reported a substantial loss of INR 3,075 crore in the fiscal year 2022. These losses, coupled with the challenges posed by the funding environment, led to two rounds of layoffs that impacted over 500 employees. This strategic downsizing was aimed at maintaining a lean and sustainable operation amidst the market's funding constraints.
Udaan's decision to secure additional funding through an internal round reflects its commitment to expansion and consolidation in the face of the ongoing economic uncertainties. By engaging in discussions with existing investors, particularly Lightspeed India, the company aims to fortify its financial position and continue offering a robust platform for businesses to engage in seamless B2B transactions.
Udaan's appointment of Nillambaran Ganenthiran as a board member stands as a testament to the company's dedication to innovation and growth. As the B2B e-commerce sector continues to evolve, Ganenthiran's insights and experience are expected to play a pivotal role in propelling Udaan's mission to provide efficient and effective supply chain solutions. Despite recent financial challenges, the startup's strategic decisions reflect its determination to weather the storm and emerge as a stronger player in the industry.
