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Dunzo Fires 150 More Employees Amid Funding Woes

Inc42 · 11m ago

Dunzo Fires 150 More Employees Amid Funding Woes

Hyperlocal delivery platform Dunzo has made significant staff reductions, with reports suggesting that 150 employees have been laid off. The company, which is facing financial difficulties, now has a core team of only 50 employees. Dunzo has been struggling to secure funding while losses continue to rise. The Bengaluru-based startup has also shifted its focus to B2B operations as it tries to overcome legal issues and leadership changes.

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Cash-strapped Dunzo cuts workforce to 50 as it searches frantically for capital

Livemint

Livemint · 11m ago

Cash-strapped Dunzo cuts workforce to 50 as it searches frantically for capital

Dunzo, a e-commerce delivery firm backed by Reliance Retail, has reportedly laid off 150 employees in its latest round of layoffs. The company, facing financial struggles, aims to cut costs and pay off its liabilities including salaries and vendor payments. Dunzo has been seeking funding to ensure its survival but potential investors remain cautious. The company is now left with only 50 employees in its core teams. Dunzo's CEO, Kabeer Biswas, declined to comment on the matter. The company is hopeful that its business will turn around in September with the help of its B2B segment.

Unacademy Fires Another 250 Employees To Turn Profitable

Inc42 · 1y ago

Unacademy Fires Another 250 Employees To Turn Profitable

Last month, Unacademy conducted a restructuring that led to the termination of 250 employees. Out of the total, 150 employees from the sales department were fired due to their failure to meet sales targets. Unacademy confirmed the layoffs but did not disclose the exact number of employees affected.

Healthify Fires 150 Employees In A Restructuring Exercise

Inc42 · 1y ago

Healthify Fires 150 Employees In A Restructuring Exercise

Indian healthtech startup Healthify (formerly healthifyme) has laid off around 150 employees, or 27% of its workforce, in a restructuring aimed at making its India business EBITDA profitable and expanding its offerings in the US market. The majority of the job losses affected sales and product teams. The impacted employees have been offered severance pay, extended insurance coverage, accelerated stock vesting periods, and leave cash encashment. The layoffs come after Healthify raised $30m in a pre-Series D funding round last year. The company's net loss declined in FY23, while revenue from operations increased by 23% from FY22.

NCLT lambasts Dunzo for failing to settle with creditors despite having ’enough time’ | Mint

Livemint

Livemint · 10m ago

NCLT lambasts Dunzo for failing to settle with creditors despite having ’enough time’ | Mint

Dunzo Digital, a quick commerce platform backed by Reliance Retail, has been reprimanded by a bankruptcy tribunal for failing to reach a settlement with its creditors despite being given ample time to do so. The National Company Law Tribunal (NCLT) criticized Dunzo for not filing its reply to insolvency petitions filed by two of its creditors, Invoice Discounters of Dunzo Digital and Velvin Packaging. The company reportedly owes money to various creditors, including Betterplace Safety Solutions and advertising partners like Google India and Facebook India. Dunzo has recently laid off 150 employees and now has only 50 remaining in its core supply and marketplace teams.

Udaan fires over 100 employees days after securing $340 million in capital

Money Control

Money Control · 1y ago

Udaan fires over 100 employees days after securing $340 million in capital

After securing $340 million in capital, B2B e-commerce unicorn Udaan has reportedly laid off around 150 employees, constituting about 10% of its total workforce. The layoffs are attributed to a significant shift in the company's operational structure, moving from a pan-India focus to decentralized operations with separate teams for different clusters. Udaan's recent funding round aimed to fuel its expansion and strengthen its position in the B2B e-commerce space.

Dunzo tells staff June-July salaries will be further delayed

Economic Times

Economic Times · 1y ago

Dunzo tells staff June-July salaries will be further delayed

Dunzo, a quick commerce company backed by Reliance Retail, has informed employees about further salary delays for June and July due to a worsening cash crunch. Employees were promised on-time salaries for August in early September. The company has faced difficulty securing new financing due to differing valuations among investors. It has previously delayed salary components and has struggled to maintain its dark stores amid delayed payments to workers. Dunzo is also dealing with legal notices from Google India, Facebook India Online Services, and others over pending vendor payments.

Singapore-based e-commerce platform Qoo10 fires 80% staff: Report

Latestly

Latestly · 11m ago

Singapore-based e-commerce platform Qoo10 fires 80% staff: Report

Online marketplace Qoo10 reportedly fired 80% of its workforce amid fund crunch and challenging market conditions. The Singapore-based startup, whose about 20 remaining employees will focus on day-to-day operations, didn't offer any benefits to the fired employees. This comes after reports said Qoo10's South Korean operations had defaulted on payments to merchants and consumers late last month.

Dunzo may get $30-35 million; proposes to cut fixed costs, reduce burn rate further

Economic Times

Economic Times · 1y ago

Dunzo may get $30-35 million; proposes to cut fixed costs, reduce burn rate further

Dunzo, a quick commerce startup backed by Reliance Retail, is likely to secure $30-40 million in funding, but with onerous terms favoring existing investors. The funding will have liquidity preference, and a board meeting is expected to approve it soon. To reduce burn and increase profitability, Dunzo plans to lower its monthly burn to $300,000 and downsize its team to around 200 employees. The company, supported by Google, will focus primarily on its B2B vertical, Dunzo Merchant Services, while continuing its pick-up-and-drop services.

Dunzo lays off employees, to cut staff by 30-40%: Report

Financial Express

Financial Express · 1y ago

Dunzo lays off employees, to cut staff by 30-40%: Report

Quick commerce company Dunzo is planning to downsize its workforce by around 30-40% through additional layoffs, as it continues to struggle with financial constraints. The company has already laid off approximately 400 employees this year. Dunzo is also in talks to raise $25-30 million in funding, with key investors including Reliance Retail, Google, and Lightrock expected to participate. However, the company's valuation is yet to be determined. Dunzo has faced legal notices and delayed salary payments, making this funding crucial for its survival.

Simpl fires 100 employees in a bid to cut costs

Internet

Internet · 1y ago

Simpl fires 100 employees in a bid to cut costs

Simpl, a buy-now-pay-later startup, laid off over 100 employees across verticals in a cost-cutting measure, marking its first such action in 2024. The layoffs, announced by CEO Nitya Sharma, impacted high-level employees. Simpl cited a commitment to improving operational efficiency and profitability as reasons for the layoffs. Severance terms remain unclear. This move follows similar actions taken by Simpl in 2023 amid uncertain economic conditions.

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