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Udaan Faces Insolvency Over $170 Mn Bond Default, Scrambles For Rescue Funding
B2B ecommerce unicorn Udaan faces insolvency over a $170 Mn bond default while scrambling for rescue funding. Blinkit and Swiggy Instamart denied trading licence in Meghalaya over local-store concerns; FirstCry's Swara files ₹1,000 Cr IPO; Ninjacart and ShareChat advance IPO plans.
Reported figures
From the report. Source details below
| 69% collapse from | $3.2 Bn |
|---|---|
| revenue ₹4,561 Cr down | 20% YoY |
| operational loss | ₹1,055 Cr |
Other figures
- valuation below $1 Bn
- $200 Mn equity raise
- $40 Mn credit facility
- ShareChat $400 Mn IPO
The source
First seen