It's raining IPOs for the top technology platforms this summer, following the success of zomato, business-to-business (B2B) e-commerce platform Udaan just ahead of its initial public offering (IPO), which is slated in the next 18-24 months has named its cofounders, Vaibhav Gupta, as the company CEO.
The company believes that the move will help in generating that extra momentum just ahead of the IPO.
Amod Malviya and Suje Kumar, the other two co-founders, will meanwhile, support the effective functioning of a “CEO-led organisation” and will continue to shape the strategic roadmap and investment decisions as active board members, the company said on Friday.
The changes are effective from September 10. Udaan said in a statement that its cofounders always envisioned the company as an institution that is professionally run and will last beyond them.
“As part of this vision, they combined a strong and shared vision with their expertise to build an admired and professionally run institution. This model enabled speed, allowed rapid experimentation and learning-contributing to strong business foundations and leadership depth,” the statement added.
“As we embark on the next phase of our growth journey, it is important to lay the right foundations for that. It is with this objective that this structure has been created that will help in the evolution of the organisation, enhance agility & efficiency, drive innovation and bring us closer to the customer,” Gupta said in a statement.