Udaan parent Trustroot dragged to Singapore bankruptcy court after $170M bond default
Global creditors filed insolvency proceedings against Udaan's offshore holdco Trustroot following a $170M bond default, clouding the IPO-bound B2B firm. Udaan says its India entities stay operational and insulated. Cumulative losses hit Rs 13,000 crore; valuation slid from a $3.2B peak to $800M-$1B.
Global creditors filed insolvency proceedings in Singapore against Udaan's offshore holdco Trustroot after a $170M bond default, threatening the IPO-bound B2B ecommerce firm; Udaan says its India entities remain operational and insulated.
Why this matters
The bankruptcy filing follows reports of Udaan seeking a $50-60M top-up from Lightspeed and M&G at a flat $1.8B valuation, underscoring mounting funding strain ahead of its planned IPO.
Retail-company signals accelerating at +492600% QoQ.