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News on Medial
Dunzo delays payment of June, July salaries to September
Economic Times
·
1y ago
Medial
Dunzo informed senior officials about the decision in a call earlier today. The company had earlier deferred paying June salaries to all employees earning above Rs 75,000. The previous deadline for the deferred payment of June salaries was July 20.
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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 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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Dunzo tells staff June-July salaries will be further delayed
Economic Times
·
1y ago
Medial
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.
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Dunzo caps salaries at ₹75,000 for June amid severe cash crunch: Report
Money Control
·
2y ago
Medial
Dunzo, facing financial difficulties, implemented a salary cap of ₹75,000 per month for employees in June. However, CEO Kabeer Biswas assured the employees that their pending dues would be settled by July 20. The company confirmed that all employees earning below ₹75,000 would receive their full salaries. Previously, it was reported that Dunzo had deferred salaries for approximately 500 employees.
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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 to pay August salaries via payroll financing app OneTap amid cash crunch
Economic Times
·
1y ago
Medial
Dunzo, a struggling hyperlocal delivery company, has informed its employees that it will make salary payments for August through the payroll financing app OneTap. Employees were asked to download the app, register, and complete a KYC form to receive their payments. However, the company did not provide any clarity on pending salaries for June and July. Dunzo has faced financial difficulties and employee layoffs in recent months. The company stated that the partnership with OneTap is solely between Dunzo and OneTap, with no interest or repayment obligations for employees.
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Three more Dunzo dark stores in Bengaluru close down
YourStory
·
1y ago
Medial
Employee unrest at Dunzo's Bengaluru dark stores has intensified as more units went offline due to salary disputes. Workers are demanding July salaries before resuming operations. The company's management offered no specific date for payment but assured promptness. Some services are temporarily fulfilled by partner stores. Earlier, the firm shifted its focus to a hybrid network model. Dunzo, dealing with financial challenges, deferred August salaries for streamlining cash flow. It previously transitioned from B2C to B2B and laid off employees.
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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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Byju’s misses own timeline to pay variable income to tuition centre staff
Money Control
·
1y ago
Medial
Mrinal Mohit, the de facto head of the Byju’s Tuition Centres (BTC) vertical had said in an employee townhall in July that the company would be paying variable or performance-linked income and other incentives to the entire staff with their September salaries. But at least 7 employees have confirmed to Moneycontrol that these incentives were not paid with September salaries
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Cash-strapped Dunzo cuts workforce to 50 as it searches frantically for capital
Livemint
·
10m ago
Medial
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.
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