Udaan, once India's fastest unicorn, faces insolvency over ₹1,600-cr default in S'pore: Report

The Singapore-based holding company of IPO-bound B2B ecommerce firm Udaan, which was once India's fastest unicorn, is facing insolvency after defaulting on a ₹1,600-crore loan, ET reported. An official liquidator has been appointed as creditors and Udaan failed to reach consensus on the amount to be paid upfront under a debt restructuring package. Udaan said its India operations are unaffected.