Udaan said it is moving to a CEO-led structure with co-founder Vaibhav Gupta assuming the role of chief executive as the B2B e-commerce platform looks at becoming a publicly listed entity in the next 18-24 months, according to PTI report.
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”, a statement said.
“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,” the statement said.
As Udaan embarks on its next leg of growth, the company has decided to move to a CEO-led and board driven structure that will enable the organisation to evolve, scale-up and achieve its growth ambitions, it added.
“This is also in line with the evolution needed for Udaan to become a publicly listed entity over the next 18-24 months,” it noted.
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.
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