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New Delhi: The series of senior exits at B2B e-commerce major Udaan continues as its FMCG business head Vinay Shrivastava has put down his papers to pursue opportunities outside the organisation, said industry sources aware of the development.
Shrivastava has been working with Udaan for almost four years and executed the company’s agile strategy, built operating models, and execution framework across various functions of the FMCG and staples business.
According to his LinkedIn profile, during his tenure, he led significant growth in market share and business and implemented strategic and operational road map enhancing customer-centricity, improving operational efficiencies, and providing the company a competitive edge in the market.
On a query raised by ETRetail on the development, the spokesperson of Udaan declined to comment.
Udaan has been restructuring its teams and business verticals to streamline its costs. The company merged its essentials business, which encompasses FMCG, staples, and pharma categories with the discretionary business arm, which includes general merchandise, lifestyle, and electronics.
The unified division is being led by Uday Bhaskar, who used to head the discretionary business at Udaan earlier.
ETRetail in December exclusively reported that Udaan has laid off 100 – 120 employees as a result of redundancies post-consolidation of its essentials and discretionary business verticals.
Shrivastava will be the fourth senior exit from the e-commerce major since September last year. Earlier this month, the company said that its group CFO Aditya Pande has decided to move on from the organisation. Last year, Udaan’s CTO Gaurav Bhalotia and Vivek Gupta, the head of essential categories transitioned from the company.
Following Bhalotia’s exit, udaan has separated its technology function into ‘Product’ and ‘Engineering’ verticals. Siddharth Reddy will be the head of Engineering and Abhilash Pillai will lead Product Management for the customer platform for udaan.
Last month, the e-tailer raised USD 340 million in Series E led by M&G Plc, including participation from existing equity investors Lightspeed Venture Partners and DST Global. The funding included a combination of fresh equity and conversion of existing debt (convertible notes) into equity.According to an ET report, Udaan’s valuation has fallen by nearly half to around USD 1.8 billion in the above-mentioned down round.
Also read: Udaan valuation dives to $1.8 billion in down round
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