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Cash-strapped Dunzo promises to pay former staff by March-end
Livemint
·
1y ago
Medial
Google-backed quick commerce startup Dunzo has announced plans to settle outstanding payments to former employees by 30 March, after facing profitability issues and a liquidity crunch. The company had previously faced challenges in disbursing salaries and resorted to cost-reduction efforts, including layoffs. Dunzo has assured its staff that they are on track to clear the dues and there will be no further delays. The company reported a substantial net loss of ₹1,802 crore in FY23 and is valued at about $775 million.
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Dunzo board, investors vet key costs to keep cash flow in check
Economic Times
·
1y ago
Medial
The board and investors of Dunzo, a cash-strapped quick-commerce startup, are reviewing major expenses and closely monitoring cash flow. The company, backed by Reliance Retail, is struggling to manage cash flow and has pending dues towards vendors and staff salaries. The ongoing crisis has triggered a closer monitoring of capital allocation and efforts to raise fresh funding through a rights issue. Dunzo is focusing on Dunzo Merchant Services and its ONDC-linked operation to sustain itself. The fate of the company will be clearer by November.
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Dunzo defers pending salaries for June-July to Feb 2024: Report
Inshorts
·
1y ago
Medial
Cash-strapped startup Dunzo has informed employees that it will pay the remaining salaries for June and July by February 2024, citing the current business situation. The payments will include an interest of 12% per annum based on the employee's service period. Former employees will receive payments for August and September salaries by January-February 2024 as part of the full and final settlement. Dunzo has been facing a severe liquidity crisis, resulting in salary delays, restructuring, and operational halts. The company is reportedly in talks with investors to raise funding.
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PhonePe explored investment in Dunzo’s merchant business
Economic Times
·
1y ago
Medial
PhonePe, backed by Walmart, reportedly offered to invest in Dunzo's merchant network business. Dunzo, a delivery startup, was seeking cash to address its mounting debt. However, the proposal did not move forward due to concerns from Dunzo's investors about PhonePe's strategic nature. PhonePe's interest in Dunzo was driven by its ecommerce ambitions through the Pincode platform. Dunzo is currently facing financial challenges and struggling to pay staff and vendors. Reliance Retail, which owns a significant stake in Dunzo, has not received any formal proposals regarding the investment.
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Dunzo became ₹6,200-cr company from a WhatsApp group, now cash-strapped
Inshorts
·
10m ago
Medial
Bengaluru-based grocery delivery platform Dunzo is now cash-strapped and has fired 75% of its workforce, leaving the company with just 50 employees. Once valued at ₹6,200 crore, Dunzo began as a WhatsApp group in 2015 as a service to provide users with delivery assistance. NMIMS alumni Kabeer Biswas started Dunzo with three others after Hike acquired his first startup Hoppr.
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Cash-strapped Dunzo to give up office space in B'luru to cut costs
Inshorts
·
1y ago
Medial
Cash-strapped Dunzo is planning to vacate its office space in Bengaluru as part of cost-cutting measures. The move comes as Dunzo continues to struggle with cash flow problems and has been forced to delay salaries. Initially, the company was expected to clear all pending dues by July 20, but the deadline has now been extended to November. This news was shared by Dunzo's co-founder and CEO, Kabeer Biswas, during a townhall meeting with employees on September 15.
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Dunzo delays paying salaries further as company faces severe cash crunch
Economic Times
·
1y ago
Medial
Cash-strapped quick-commerce startup Dunzo has delayed paying August salaries to employees, citing procedural requirements. Founder Kabeer Biswas assured payment next week, hinting at potential fresh funding. The company, facing a cash crunch and investor disputes, had previously promised August salary clearance by this week, and unresolved delays for June and July salaries. Legal notices from Google India, Koo, and Glance also compound its challenges.
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Dunzo spends ₹1 crore per day on ads, losses jump to ₹1,802 crore
Money Control
·
1y ago
Medial
Cash-strapped delivery service Dunzo saw its losses surge to Rs 1,802 crore in FY23, a staggering 288% increase from the previous year. Expenses also skyrocketed, reaching Rs 2,054 crore, with significant spending on advertising leading the way. Despite heavy marketing during the Indian Premier League, Dunzo's revenues only reached Rs 227 crore, a marginal increase from the previous year.
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Ecom Express Faces Staff Exodus Ahead of Delhivery Merger; CEO Chitkara May Exit Too
OutlookIndia
·
1m ago
Medial
Ecom Express is facing significant staff departures ahead of its acquisition by Delhivery, valued at Rs 1,400 crore. Around 150 mid-level employees have resigned, and CEO Ajay Chitkara may also exit after regulatory approval. Previously, cash-strapped Ecom Express laid off 500 employees and postponed IPO plans. Delhivery plans to absorb qualified staff from Ecom Express, despite overlapping customer bases and processes. Approval from the Competition Commission of India is pending for the transaction.
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Dunzo cofounder Kabeer Biswas joins Flipkart to lead quick commerce biz
Economic Times
·
6m ago
Medial
Kabeer Biswas, cofounder of Dunzo, has joined Flipkart to lead its quick commerce business, Minutes, starting January 13. Biswas leaves Dunzo, backed by Reliance Retail, after struggling with capital-raising issues and cash burn. Flipkart had explored acquiring Dunzo and engaged in talks with Biswas through 2024. Some Dunzo investors support Biswas's departure amid the company's financial challenges, including job cuts and debt issues. Former executives from Dunzo are launching new ventures in the quick commerce space.
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Dunzo survival hinges on Reliance Retail commitment to funds
Economic Times
·
1y ago
Medial
Dunzo, the quick commerce startup, faces a critical situation as its major investor, Reliance Retail, is yet to commit to a proposed rights issue. Struggling to pay staff, Dunzo urgently needs funds. Discussions with Reliance have stalled, making other investors skeptical about its survival. Dunzo's CEO, Kabeer Biswas, aims to secure alternative funding, but uncertainty remains. The startup's valuation, once around $800 million, may crash to $200 million. Dunzo, battling operational challenges, posted a loss of Rs 1,802 crore in FY23. Reliance's commitment is crucial for Dunzo's fate.
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