Amod Malviya, Cofounder of Udaan, Launches New Business "Pre6"
Amod Malviya, a co-founder of the B2B marketplace Udaan, has launched a new business called Pre6 two months after leaving Udaan's board. Malviya shared an announcement on LinkedIn that reads, "New beginnings!" and included a photo of the founding team.
To incorporate the new Bengaluru-based firm, he has partnered with Rishi Kedia, the former chief financial officer (CFO) of Udaan. Malviya has been working on the new platform since November 2024, according to his LinkedIn post. With the exception of the fact that it would be a "technology, information, and internet" corporation, nothing much is known about the new platform's features. The startup's website simply says "coming soon" and is not yet operating.
Malviya’s Journey in the Startup Sector Till Now
Malviya, a former member of Flipkart's core team, is an IIT Kharagpur alumnus. In 2015, he left his position as the e-commerce giant's chief technology officer (CTO) to launch the B2B e-commerce platform Udaan the following year, in 2016.
Malviya resigned from the startup's board late last year after leaving an operational position at Udaan in 2022. While the B2B e-commerce platform Udaan has been experiencing turbulent waters, Malviya has floated its new venture with a hope of striking a positive chord.
Current Financial Outlook of Udaan
During the fierce funding winter of 2023, Udaan's valuation dropped to $1.8 billion, a significant decrease from its previous valuation of $3.2 billion in 2020. In October of last year, the business also announced the completion of its INR 300 Cr debt fundraising round, which was provided by Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital.
The B2B e-commerce company has been having financial difficulties growing. According to reports, it was able to raise its gross income from INR 5,609.3 Cr in FY23 to INR 5,706.6 Cr in FY24, a slight rise of 1.72%. At INR 1,674.1 Cr, its loss decreased 19% year over year (YoY).
Launching Their Own Startups Became a New Norm for Co-Founders
There has been an uptick in the number of new businesses launched by startup cofounders, and Malviya is the latest to sail Pre6. It was announced earlier this week that Mayank Kumar, a cofounder of upGrad, has founded a new company named "BorderPlus."
With the establishment of his new company, Sports For Life, in 2024, DealShare cofounder Sourjyendu Medda made his foray into the sportstech space. In September 2024, Koo cofounder Mayank Bidawatka also founded Billion Hearts Software Technologies to develop consumer goods for customers throughout the world.
Prashanth Ranganathan, a cofounder of the fintech startup PaySense, also founded Zinc, a fintech company focused on international education, last year. Nexus Venture Partners led the $25.5 million seed fundraising round for Zinc.
Nitin Konde
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