Creditors File Singapore Winding-Up Petition Against Udaan Parent After $170 Mn Bond Default
Global creditors have initiated bankruptcy proceedings against Trustroot Internet, Udaan's offshore parent, following a $170 Mn bond default with a $170-200 Mn settlement due. The IPO-bound B2B unicorn insists India operations are unaffected, but valuation has crashed nearly 69% from its $3.2 Bn peak to $800 Mn-$1 Bn.
Global creditors filed a winding-up petition in Singapore against Udaan's offshore parent Trustroot after a $170 Mn bond default. The IPO-bound B2B ecommerce unicorn says India operations are unaffected, but valuation has crashed nearly 69% from peak.
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