Udaan Co-founder Amod Malviya launches new company, Pre6
Amod Malviya has teamed up with Udaan’s former CFO Rishi Kedia to launch the new startup, according to a post on LinkedIn.
B2B ecommerce marketplace Udaan Co-founder Amod Malviya has launched a new company Pre6 based out of Bengaluru, his LinkedIn post on Monday read.
Malviya posted an image on the social networking site along with Rishi Kedia, Udaan’s former Chief Financial Officer, and Dipanjan Mukherjee, who worked at the company as a software engineer for a year.
Further details of the company were not disclosed in the LinkedIn post. YourStory has reached out to Malviya for more information about the company.
The move comes roughly months after Malviya stepped down from the B2B marketplace’s board, which he had founded in 2016 with former Flipkart executives, Vaibhav Gupta and Sujeet Kumar. In 2022, he had stepped down from an operational role at the company, along with Kumar.
However, in its report citing sources, The Arc said that Malviya continues to hold the right to a board seat.
Udaan has been fighting battles when it comes to its valuation and finances. In 2023, the B2B e-marketplace's valuation fell to $1.8 billion from its last valuation of $3.2 billion in 2020. Udaan laid off employees the same year after raising $340 million in a funding round.
In October last year, the company closed a Rs 300 crore debt financing round from Lighthouse Canton, Stride Ventures. InnoVen Capital, and Trifecta Capital.
It reported a marginal increase of 1.72% in its operating revenue in FY24 to Rs 5,706.6 crore and narrowed its losses by 19% to Rs 1674.1 crore, as the company managed to cut down marketing expenses and employee-related costs.
The new startup announcement comes days after upGrad Co-founder Mayank Kumar and OYO’s Ayush Mathur launched BorderPlus, indicating a wider trend of startup founders venturing into founding new companies.
Edited by Suman Singh