"Every startup founder has a good idea — that's never the bottleneck. The real question is whether solving the problem creates enough economic impact to sustain a business. Two founders taught me this last month: one built an 'AI CFO' while seeking advice from human finance pros themselves; another, building a platform for teachers, had the courage to say it wasn't a startup — it was a nonprofit. Here's checklist item #1 for every founder."

Udaan has raised $2–2.5B over its lifetime — more than its current private valuation of roughly $0.8–1.3B, down from a $3.2B peak. Founders hold just 12.43% of the cap table. FY25 losses (₹1,055 cr) still exceed the latest equity round, revenue fell 20%, and an offshore bond default triggered insolvency proceedings in Singapore. The IPO push looks less like a growth story and more like investors engineering a documented exit at a marked-down price.

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