B2B e-commerce platform Udaan has appointed co-founder Vaibhav Gupta as chief executive officer under its plans to become a CEO-led and board driven organisation.
“The plan, that involves a CEO-led and board driven organisation, envisages building Udaan as a future-ready organisation with an aim to capitalise on the enormous growth opportunity that the Indian e-commerce market offers,” Udaan said in a statement said.
The other two co-founders, Amod Malviya and Sujeet Kumar, as board members will actively work with Gupta to ensure that the organisation effectively transitions to a CEO-led structure for continued success and achieve their shared vision for the organisation, the company stated.
The changes come into effect from September 10, Friday, Udaan added.
The changes at Udaan are in-line with the company’s plans to float an IPO within 18-24 months.
Zomato’s successful IPO, followed by a profitable listing in July has encouraged several internet-led businesses to go public. A number of internet-led businesses, including Paytm, MobiKwik and PolicyBazaar have filed for IPOs while companies like Droom have stated their intent to get listed soon.
Udaan co-founder and CEO Vaibhav Gupta said Udaan has come a long way in the last five years, creating not only the B2B e-commerce industry in India but also a playbook that is now being emulated in other developing economies.
“As we embark on the next phase of our growth journey, it is important to lay the right foundations for that. It is with this objective that this structure has been created that will help in the evolution of the organisation, enhance agility and efficiency, drive innovation and bring us closer to the customer,” he added.
He exuded confidence that the company will be successful in realising its vision of transforming India’s massive $1 trillion trade market.
Udaan co-founder Amod Malviya said the Indian market offers tremendous growth potential in the B2B e-commerce space.
“For the next few years, our focus will be on strengthening governance, driving innovation, capabilities, systems and processes, with a special focus on building a talent pipeline to capitalise on the huge opportunity that Bharat offers. What we have achieved in the last 5 years is just the tip of the iceberg,” Udaan co-founder Sujeet Kumar added.
Founded in 2016, Udaan caters to over 3 million businesses and more than 30,000 sellers on its platform. In January, Udaan announced raising $280 million (about ₹2,048 crore) in funding from investors, including Lightspeed Venture Partners, Tencent, DST Global, GGV Capital, Altimeter Capital, Octahedron Capital and Moonstone Capital.
Udaan has invested more than ₹4,000 crore in the past 12-18 months across technology, supply chain, category, credit, employee and compliance.
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