Mumbai | Bengaluru: Global creditors of IPO-bound Udaan, including banks and hedge funds, have initiated insolvency proceedings in the Singapore High Court after its offshore holding company Trustroot Internet Pvt Ltd defaulted on $170 million compulsorily convertible notes or bonds due on June 30, according to people aware of the development. The creditors have hired Alvarez and Marshal as the official liquidator in the bankruptcy proceedings. The unravelling of another homegrown unicorn in the process of an India listing underscores the fault lines that have emerged in the private credit markets.
Since its launch in FY25, Udaan has incurred an estimated cumulative loss of around Rs 13,000 crore.
Bengaluru-headquartered Udaan, backed by…