B2B e-commerce platform Udaan on Monday announced key senior-level organisational changes as group CFO Aditya Pande stepped down from his position.
Kiran Thadimarri, group finance controller, will be elevated to be a part of the executive management team with additional responsibility of handling treasury operations, corporate finance and corporate audit, in addition to his existing responsibility as financial controller. In his enhanced role, Thadimarri will report to the CEO.
Thadimarri has been associated with Udaan for close to three years and has worked closely with Pande (outgoing Group CFO, Udaan) at GE Healthcare.
Pande, after a stint of over three years as group CFO, has decided to pursue opportunities outside of Udaan. During his tenure, Pande played a pivotal role in shaping Udaan’s financial strategy. In September, Udaan also saw the exit of its chief technical officer (CTO) Gaurav Bhalotia.
Moreover, Vishnu Menon, head of corporate strategy and investor relations, will take on the additional responsibility of business finance.
Both Thadimarri and Menon will work towards further strengthening the 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 in a release.
It’s worth noting that Udaan has laid off more than 100 employees since September last year, citing ‘restructuring exercise’.
At the same time, the firm also announced new fundraise worth $340 million. Interestingly, the company’s valuation saw a 48% haircut to $1.7 billion from its peak $3.2 billion in 2021.
When it comes to earnings, Udaan’s gross revenue (GMV) dipped by 43.1% to Rs 5,629 crore in FY23 from Rs 9,900 crore in FY22. Its losses also slipped 33.7% to Rs 2,076 crore in FY23 from Rs 3,132 crore in FY22.