B2B e-commerce unicorn Udaan’s chief financial officer (CFO), Aditya Pande, has quit the company, joining the growing list of top-level executives who have left the start-up over the past few months.

The CFO’s role will be divided between Kiran Thadimarri, Group Finance Controller, and Vishnu Menon, who heads corporate strategy and investor relations (IR). Thadimarri has been with Udaan for three years and Menon for four years.

Pande will join InterGlobe Enterprises as CEO of the company. He was earlier the CFO of IndiGo, also part of InterGlobe, between September 2019 and February 2021, after which he joined Udaan.

The exit comes after Udaan secured $340 million in additional capital from the UK’s M&G Plc, Lightspeed Venture Partners, and DST Global in a down round.

“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 our growth journey. We believe that empowering our internal leaders will not only strengthen our operational capabilities but also drive sustainable growth, aligned with our ‘efficiency with excellence’ agenda. I would like to thank Aditya for his invaluable contribution to the organisation and wish him the very best in his future endeavours.” said CEO and co-founder Vaibhav Gupta in a media statement.

Pande’s departure comes months after Udaan has seen other senior executives exit the company. In September, chief business officer (CBO) Vivek Gupta and chief technology officer (CTO) Gaurav Bhalotia left the company as it merged its essentials business with the discretionary business.

While Bhalotia’s next move remains unknown, Vivek Gupta joined United Breweries as the CEO.

The rejig meant that FMCG, staples, and pharmacy categories were integrated with the division that sells general merchandise, lifestyle, and electronics-related products.

The restructuring was largely done to improve the company’s financial health. Now that CFO Pande has left, the new executives will steer Udaan towards profitability.

“Both Kiran and Vishnu will work towards further strengthening the financial and governance practices at Udaan with the objective of enabling the company to achieve operational profitability and public market readiness in the next 12-18 months,” the company statement said.

Udaan saw its valuation fall to around $1.8 billion, a significant reduction from $3.1 billion in January 2022. The erosion in value was because Udaan’s business had slowed. As a result of the slowdown, Udaan even fired 10 percent of its workforce, or about 150 people, as reported in December.

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