Udaan
has run into a fresh crisis. Overseas creditors have initiated insolvency proceedings against the B2B ecommerce unicorn over a $170 Mn bond default. As it fights downrounds, mounting losses and a thinning order book, can Udaan keep its listing story alive?
The Debt Pressure: The trouble began last month after Udaan’s offshore holding company, Trustroot Internet, missed repayment on convertible notes due on June 30. The lenders then moved the Singapore HC. This came after weeks of failed debt restructuring talks, which saw the lenders pressing the unicorn for a clearer upfront payout before agreeing to extend repayment.
As a result, several major domestic banking partners withdrew working capital lines to Udaan ahead of the court filings.
The Valuation Trap: The legal escalation is tethered to Udaan’s deteriorating corporate health. The slowdown in the B2B sector and the latest down round dragged its valuation below $1 Bn, a staggering 69% collapse from its peak $3.2 Bn valuation in 2021. Furthermore, its revenue plunged 20% YoY to ₹4,561 Cr, while operational losses stood at a massive ₹1,055 Cr.
The Hunt For Lifeline: With the clock ticking, the unicorn is now scrambling for financial rescue. It is currently working with Goldman Sachs to raise up to $200 Mn equity funding, while simultaneously negotiating a $40 Mn credit facility from BlackRock by offering pledged shares. However, it has been struggling to attract investor interest for the equity fundraise.
A Tougher Reset: Amid the troubles, Udaan is trying to allay user’s concerns by saying that the insolvency proceedings relate only to offshore restructuring discussions and will not affect day-to-day operations. The unicorn added that it continues to serve customers across commerce and supply chain financing.
While the jury is out on whether the troubled B2B ecommerce giant can chart a turnaround, why are lenders circling around Udaan? Let’s find out…
India’s battlefield hardware was built for the manual era, but modern threats depend on software, drones and autonomous systems. This has created a gap between legacy defence equipment and today’s operational needs. Beijan is working to close this gap.
Modernising Legacy Systems: Founded in 2025, Beijan builds hardware and software modules that help defence systems digitise their environment, analyse data and act with precision. It aims to upgrade artillery guns, drones, and ground stations without requiring a full hardware replacement.
Plug & Play Autonomy: At the centre of its offering is BANM, a plug-and-play circuit board that attaches to drones and adds edge compute and GPS-denied navigation capabilities. The startup has also developed an autonomous artillery positioning system that combines ballistics and RTK/IMU positioning. This replaces manual adjustments with software-led precision, and reduces the dependence on humans for repetitive tasks.
Full-Stack Control: Beijan’s autonomous artillery targeting system goes further by replacing dial sights, hand-cranking, and legacy firing tables with software-driven fire control. With this, the startup’s broader ambition is to make defence hardware more precise, responsive and autonomous across categories.
As the Indian defence tech market stares at a $19 Bn opportunity by 2030 on the back of AI-driven autonomy, can Beijan redefine the country’s military capabilities?
Bollywood has found a new script and it’s a pitch deck. From Ranveer Singh to Anushka Sharma, India’s biggest celebrities are not just endorsing brands anymore, they are building them and have raised $121.5 Mn so far. Here is all about it…
Source: Inc42 - Startups
