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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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6
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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 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 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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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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Teleperformance’s insolvency plea against BYJU’S linked to unpaid dues of INR 3 Cr-INR 4 Cr
Inc42
·
1y ago
Medial
Teleperformance filed an insolvency plea against BYJU'S due to the termination of their contract without prior notice and failure to clear INR 3-4 Cr of outstanding dues. BYJU'S violated contractual clauses, resulting in significant financial losses for Teleperformance. This adds to BYJU'S growing number of insolvency cases, which include a payment dispute with BCCI and an insolvency case filed by overseas lenders. The cash-strapped company is now aiming to raise $200 Mn from existing investors through a rights issue at a severely reduced valuation.
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NCLT Admits Velvin Packaging Solutions’ Insolvency Plea Against Dunzo
Inc42
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has admitted Velvin Packaging Solutions' insolvency plea against Dunzo, the quick commerce startup. Velvin Group, a sustainable packaging solutions manufacturer, filed the plea in November 2021. Dunzo has faced numerous challenges, including legal notices from vendors for unpaid dues and struggles to continue operations due to a cash crunch. The startup, known for connecting consumers with nearby stores for deliveries, has recently focused on less capital-intensive B2B operations. Despite fundraising efforts and potential acquisition interest from Flipkart, Dunzo's financial situation remains precarious.
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Dunzo cofounder Dalvir Suri to exit amid tough times
Economic Times
·
1y ago
Medial
Dalvir Suri, co-founder of Dunzo, the on-demand delivery startup backed by Reliance Retail, is leaving the company amidst a severe cash crunch. Suri, who was involved in Dunzo's business-to-business delivery arm, Dunzo Merchant Services (DMS), played a key role in the company's operations and client coordination with Reliance JioMart. Dunzo has been facing multiple crises in recent months and has scaled down its consumer-facing operations. Suri's departure comes as the company seeks to raise new funding to alleviate its cash-flow crisis.
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Reliance, Lightrock representatives exit Dunzo board amid legal notices, pending dues
Economic Times
·
1y ago
Medial
Five directors, including representatives from Reliance Retail and Lightrock India, have resigned from the board of quick commerce startup Dunzo over the past two months. The exits are reportedly linked to the company's cash flow problems and legal notices for pending dues. Dunzo, which is seeking to raise $30-35 million from existing investors, aims to alleviate its cash flow troubles and clear pending salaries and vendor dues with the funds.
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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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