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News on Medial
Dunzo holds talks with debt investors to restructure credit terms
Startup News FYI
·
2y ago
Medial
Dunzo, a quick commerce unicorn, is reportedly in discussions with debt investors to restructure its credit terms due to cash flow challenges, leading to delayed payments to vendors and staff salary arrears. The talks aim to finalize new terms encompassing payment timelines and agreements. Despite seeking funding and integrating its B2B logistics arm with ONDC, Dunzo's direct-to-consumer operations have declined, prompting a shift in its business model and potential layoffs.
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Dunzo cofounder Kabeer Biswas joins Flipkart to lead quick commerce biz
Economic Times
·
7m 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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Flipkart looking to buy Reliance-backed Dunzo: report
Economic Times
·
1y ago
Medial
Indian e-commerce company Flipkart, backed by Walmart, is reportedly in talks to acquire on-demand delivery platform Dunzo. However, complications related to Dunzo's ownership structure have hindered progress on a deal. The retail arm of Reliance Industries, which holds a 26% stake in Dunzo, has not yet approved the acquisition. Dunzo, which has faced financial challenges, recently announced restructuring efforts, salary deferments, and layoffs. Neither Flipkart nor Walmart has responded to requests for comment.
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Good Glamm receives legal notice from subsidiary Sirona’s investors
The Arc Web
·
1y ago
Medial
Investor Indian Angel Network (IAN) has sent a notice of default to The Good Glamm Group, alleging that the company has failed to make its final payment obligations to the shareholders of women's hygiene brand Sirona. The Good Glamm Group acquired a majority stake in Sirona for Rs 100 crore in December 2021 but has not made the required payments to Sirona's shareholders, including employees. This development comes as The Good Glamm Group reportedly has payment dues of around Rs 150 crore across its acquisitions. The company is said to be in talks to restructure its payout terms into debt.
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NCLT gives Dunzo two weeks to settle dues with Betterplace Safety Solutions
Livemint
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has given Dunzo two weeks to negotiate a settlement with Betterplace after the company defaulted on payments. Betterplace had filed an insolvency application against Dunzo in February. The extension is aimed at preventing further insolvency proceedings against Dunzo, which has been facing financial difficulties. Dunzo is currently in talks with investors to raise funds to clear its liabilities and settle dues. The company, which is backed by Reliance Retail and Google, has been grappling with a liquidity crisis and has had to make changes to its business models to cope.
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Dunzo founder Kabeer Biswas may exit embattled delivery startup
Economic Times
·
8m ago
Medial
Kabeer Biswas, cofounder and CEO of Dunzo, backed by Reliance Retail, is considering leaving the company amid challenging times and talks with investors. The quick commerce sector is attracting high investor interest. Some investors are open to Biswas's departure, considering Dunzo's situation. Discussions include his remaining stake, but Reliance hasn't approved any proposal yet. Former Dunzo executives are reportedly venturing into the thriving quick commerce industry. No response was received from Reliance or Biswas.
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Dunzo lays off employees, to cut staff by 30-40%: Report
Financial Express
·
1y ago
Medial
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.
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Dunzo may get $30-35 million; proposes to cut fixed costs, reduce burn rate further
Economic Times
·
1y ago
Medial
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.
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Dunzo has only paid half its dues, creditor tells NCLT | Mint
Livemint
·
1y ago
Medial
Invoice Discounters of Dunzo Digital has filed an application under the Insolvency and Bankruptcy Code, seeking insolvency proceedings against e-commerce delivery firm Dunzo. Dunzo has apparently only partially repaid its dues to the creditor, however, the exact amount owed is unclear. Both parties are currently exploring settlement talks, but the creditor's counsel claims that Dunzo has only paid half of the owed money. If settlement talks fail, Dunzo will file a reply to the insolvency petition. Dunzo is facing a liquidity crisis, leading to changes in business models, delayed payments, and reduced workforce.
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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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Reliance seeks up to $3 billion in biggest India loan since 2023 | Company Business News
Livemint
·
8m ago
Medial
Reliance Industries, owned by billionaire Mukesh Ambani, is reportedly in talks with banks for a potential borrowing of up to $3 billion, which could be the largest offshore loan from India in over a year. The loan would refinance the conglomerate's debt due in 2025. Details and terms of the facility are still being discussed and subject to change. This move would mark Reliance Industries' return to the offshore market after raising over $8 billion in loans in 2023. Moody's recently reaffirmed the company's credit rating as solid, positioning it above India's sovereign grade.
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