E-commerce startup Udaanis working to curb costs and forge new partnerships with consumer brands in India as it prepares to go public in 2025.Udaan, which competes withReliance IndustriesLtd. andWalmartInc.’sFlipkartin helping smaller merchants source their goods, will make an operating profit within 18 months, Chief Executive Officer Vaibhav Gupta said in an interview.That’s set to happen around the same time as its initial public offering, he said.The priority “is steady and predictable financial performance,” Gupta said. “Second, strategically we want to ensure that we are top of mind with shopkeepers, with big manufacturers, and we maintain our relative market share.”Lightspeed Venture Partners-backedUdaanis among startups trying to tap the rapid growth of India’s economy and consumer market, while meeting investor demands for profitability. Udaan, which at its peak employed thousands, joined fellow Indian startups in slashing jobs last year and tightening internal controls and compliance. It now has about 1,800 staff, and Gupta didn’t specify if further job cuts are needed.Corporate governance lapses at Indian online tutoring firm Byju’s, once the country’s top startup with a valuation of $22 billion, shone a light at unique challenges faced by founders in the South Asian nation and drove companies to be more diligent.“We continue to…
E-Commerce startup Udaan to trim costs ahead of 2025 IPO – Times of India – IndiaTimes
