Udaan Faces Insolvency Over Bond Default

Overseas creditors initiated insolvency proceedings against Udaan after Trustroot Internet missed repayment on convertible notes due June 30. Major domestic banking partners withdrew working capital lines following failed debt restructuring talks and a $170 Mn bond default. The B2B ecommerce unicorn now works with Goldman Sachs to raise up to $200 Mn equity funding while negotiating a $40 Mn credit facility from BlackRock by offering pledged shares.