Udaan's Creditors File Winding-Up Petition in Singapore Over $170 Mn Bond Default
Global creditors have initiated bankruptcy proceedings against Udaan's offshore parent Trustroot Internet in Singapore following a $170 Mn bond default. The B2B ecommerce unicorn says its India operations remain unaffected, but its valuation has collapsed nearly 69% from a $3.2 Bn peak to roughly $800 Mn-$1 Bn.
Global creditors filed a winding-up petition in Singapore against Udaan's offshore parent Trustroot over a $170 Mn bond default. The B2B ecommerce unicorn says India operations are unaffected, though its valuation has plunged over 69% from peak.