Udaan, Ola and Oyo see highest senior executive exits in 2022: Data

Udaan, a Business-to-business (B2B) e-commerce company witnessed the highest number of senior executive exits across its tech and startup ecosystem. Ola and Oyo Hotels & Homes followed Udaan in recording the most senior executive exits in 2022, according to Longhouse Consulting data, the Economic Times reported.

As Udaan struggled with its business model and funding issues, around 50 top executives left the company this year. From C-suite to category and business heads, the B2B company saw exits across verticles despite two of its founder moving away from active roles, the report said. 

Udaan took various cost-cutting measures, including layoffs, to improve its unit economics. The company saw more than 1000 exits as it carried out multiple rounds of layoffs over the year to streamline its business.

Even though Udaan's Chief Marketing Officer Suvid Bajaj and Chief Financial Officer of Udaan Capital Tanushree Bagrodia left, the company denied any C-suite level exits, the report said.

C-suite level exits are exits of those executives who directly report to the CEO.

Udaan is backed by Lightspeed Venture Partners and has been raising funds via convertible notes. In October 2022, the B2B start-up raised $120 million through convertible notes from existing investors, and till now, it has picked up close to $400 million in convertible notes and debt from investors.

Among others, Ola saw 21 exits of key executives in 2022 as it shut down many businesses including used cars, grocery and food as it failed in its attempts to build a super app. Oyo too saw 21 key executives exit this year as it grappled to realize its IPO plans.