What is the condition of udaan ??? What does this news actually mean for real?

It could lead to a fundraise, a layoff or an IPO. Or any combination of these 3 options.

It mean they are planning IPO

Read Parle G vs Udaan case on Google. It's about how Parle G refused to sell to Udaan as they were driving their distributors out of business by offering deep discounts to Retailers. No large legacy brand wants to be limited to a single platform/distributor as this would make them powerless. Just like how D2C brands have only one real option: Amazon/Flipkart, Udaan wants to do the same. It's a very difficult business.