Udaan on Monday said its group chief financial officer Aditya Pande has stepped down from his role, adding to the list of top-level exits at the B2B e-commerce startup. The development comes a month after the startup raised $340 million in a Series E round led by UK-based M&G.
Pande, who was earlier the CFO of IndiGo between September 2019 and February 2021, will join InterGlobe Enterprises as CEO. He served as Udaan CFO for over three years and now the role will be divided between Kiran Thadimarri, group finance controller, and Vishnu Menon, who heads corporate strategy & investor relations.
Both Thadimarri and Menon will report to chief executive officer and co-founder Vaibhav Gupta. “These organisational changes are a testament to Udaan’s philosophy to promote future leaders from our strong talent pipeline while laying the foundation for the next phase of the growth journey,” said Gupta.
In September, Udaan’s chief business officer (CBO) Vivek Gupta and chief technology officer (CTO) Gaurav Bhalotia left the company as merged its essentials business with the discretionary business.
While Bhalotia’s next move remains unknown, Vivek Gupta, joined United Breweries as the CEO. While Vivek Gupta’s exit prompted a merger of the startup’s essentials businesses, Bhalotia’s resignation resulted in separation of the company’s technology function into product and engineering verticals.
The top-level exits come at a time when Udaan is planning to achieve operational profitability in the next year-and-a-half and also enter the public markets. In FY23, the company’s revenue from operations declined 43% to Rs 5,609.3 crore from Rs 9,897.3 crore in FY22. Losses also shrank by about 34% to Rs 2,076 crore from Rs 3,132 crore a year ago.
The Bengaluru-based firm, which began operations in 2016, was co-founded by former Flipkart executives Sujeet Kumar, Amod Malviya and Vaibhav Gupta. It is backed by Microsoft, Tencent and investors such as Lightspeed Venture Partners, DST Global, and Trifecta Capital.