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Like other tech giants, Udaan, arguably India’s largest B2B ecommerce unicorn, has conducted layoffs this year as part of its efforts to be more “prudent economically.”
Prudence has become a common refrain in what has been one of the toughest years particularly for the tech industry worldwide.
Udaan reportedly wants to go public in 12 to 18 months, but it needs some hard convincing first. In this week’s Big Story, my colleague Samreen dives into Udaan’s financials for FYE March 2022, where the firm’s revenue grew 67% (though short of its 100% goal) and losses widened 23%. But the company’s cash and cash equivalents also saw a 3x drop year on year – not the most welcome metric for a company preparing for an IPO.
Back in Southeast Asia, Shopee perhaps has been under the most scrutiny. It has done some painful cost-cutting measures, and the latest Q3 results from Sea Group appears to show some positive signs.
But will Shopee be able to break even in 2023 as promised to investors? My Hot Take this week attempts to see whether there really is light for Shopee at the end of the tunnel.
– Putra
THE BIG STORY
Udaan logs 67% rise in revenue even as losses widen by 23%
Image credit: Timmy Loen
The India-based B2B ecommerce unicorn is conducting a spate of layoffs as it eyes sustainable profitability.
THE HOT TAKE
Encouraging signs ahead for Shopee?
Photo credit: Shopee
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