India, July 3 -- Udaan's Insolvency Crisis

Udaan has run into a fresh crisis. Overseas creditors have initiated insolvency proceedings against the B2B ecommerce unicorn over a $170 Mn bond default. As it fights downrounds, mounting losses and a thinning order book, can Udaan keep its listing story alive?

The Debt Pressure: The trouble began last month after Udaan's offshore holding company, Trustroot Internet, missed repayment on convertible notes due on June 30. The lenders then moved the Singapore HC. This came after weeks of failed debt restructuring talks, which saw the lenders pressing the unicorn for a clearer upfront payout before agreeing to extend repayment.

As a result, several major domestic banking partners withdrew working...