Udaan parent Trustroot dragged to Singapore bankruptcy court after $170M bond default
Global creditors filed insolvency proceedings against Udaan's offshore holdco Trustroot following a $170M bond default, clouding the IPO-bound B2B firm. Udaan says its India entities stay operational and insulated. Cumulative losses hit Rs 13,000 crore; valuation slid from a $3.2B peak to $800M-$1B.
What happened
Global creditors filed insolvency proceedings in Singapore against Udaan's offshore holdco Trustroot after a $170M bond default, threatening the IPO-bound B2B
Key facts
- $170 million bond default
- Rs 13,000 crore cumulative loss
- FY25 revenue Rs 4,561 crore
- net loss Rs 1,055 crore
- $800M-$1B valuation
- peak $3.2B valuation
- ~$2B raised
- 16 cities from 80
Why this matters
The distressed parent-level insolvency creates a potential window to acquire Udaan's India assets or bond positions at a steep discount, contingent on clarifying the legal separation between Trustroot and the operating entities.
What to watch
- Singapore court admission or dismissal of the insolvency petition
- Bond trustee actions / cross-default clauses on other facilities
- Fresh funding round announcement and revised valuation
- Supplier payment delays or vendor exits in India ops
- Rating/credit line changes from Indian working-capital lenders
- IPO filing withdrawal or postponement confirmation
- Udaan issues public assurance emphasizing India-entity insulation and continued operations
- Engage Singapore counsel to contest or convert filing into scheme of arrangement
- Accelerate bridge financing or rights issue from insiders to stabilize liquidity
- Shelve IPO timeline and reset investor guidance
- Reassure suppliers/lenders on payment terms to prevent credit tightening