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Dunzo to have third round of layoffs in 2023

Money Control

Money Control · 2y ago

Dunzo to have third round of layoffs in 2023

Dunzo's Co-founder and CTO Mukund Jha informed employees that the company will undergo another round of layoffs, the details of which will be finalized this week. This will mark the third round of layoffs for the company this year. Approximately 20% of Dunzo's workforce, around 200 employees, are expected to be affected by this restructuring, according to senior employees' estimates.

Related News

Flipkart looking to buy Reliance-backed Dunzo: report

Economic Times

Economic Times · 1y ago

Flipkart looking to buy Reliance-backed Dunzo: report

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.

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

Livemint

Livemint · 12m 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.

Google staff sound off about 'corporate overlords,' impersonal layoffs, and a changing company culture, report says

Business Insider

Business Insider · 1y ago

Google staff sound off about 'corporate overlords,' impersonal layoffs, and a changing company culture, report says

Google employees have recently experienced another round of layoffs, leaving some feeling disgruntled. The job cuts, which affected staff working on Google Assistant, Fitbi, and the devices and services teams, were not addressed internally by CEO Sundar Pichai. Employees have expressed their frustrations on Google's internal meme board, criticizing management as "corporate overlords." The layoffs were described as impersonal, with one engineering director indicating that the company's culture had changed significantly since the last major round of job cuts. Google had previously cut 12,000 employees in January 2023, and the new wave of layoffs reflects a broader trend in the tech industry.

Flipkart In Talks To Acquire Cash-Strapped Dunzo

Inc42 · 1y ago

Flipkart In Talks To Acquire Cash-Strapped Dunzo

Walmart-backed e-commerce giant Flipkart is exploring the possibility of acquiring hyperlocal delivery startup Dunzo. However, complexities surrounding Dunzo's ownership structure, as it is backed by Reliance, have made it challenging to reach a deal. Dunzo has been facing financial difficulties for almost a year, leading to layoffs, delayed salaries, and the departure of key board members and co-founder Dalvir Suri. The acquisition talks are still ongoing, but Flipkart is cautious about what it can gain from the acquisition. Both companies have yet to respond to media requests for comment.

Rivian lays off 10% of workforce as EV pricing pressure mounts | TechCrunch

TechCrunch · 1y ago

Rivian lays off 10% of workforce as EV pricing pressure mounts | TechCrunch

Electric vehicle manufacturer Rivian is implementing a 10% reduction of its salaried workforce, as well as a limited number of non-manufacturing hourly employees, in an effort to cut costs and navigate the challenging EV market. It marks the third round of layoffs for the company since July 2022. Rivian aims to upgrade its manufacturing line, improve production rates, and invest in its future technologies and facilities. Despite doubling its EV production and revenue in 2023, the company still recorded losses of over $5.4 billion. These recent developments have led to a significant decline in Rivian shares.

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.

A comprehensive list of 2023 & 2024 tech layoffs

TechCrunch · 1y ago

A comprehensive list of 2023 & 2024 tech layoffs

In the tech industry, there have been significant layoffs in 2023 and 2024. Companies like Google, Amazon, Microsoft, and TikTok have all announced job cuts. The layoffs are a reflection of the challenges faced by tech companies, with many facing tough market conditions and needing to focus on efficiency rather than growth. The layoffs also highlight the impact on innovation and the human aspect of job cuts. The total number of layoffs in 2023 was 262,735, which is 59% higher than the previous year. The tech sector continues to face challenges, and it remains to be seen how the job market will evolve.

Divvy Homes Faces Third Round of Layoffs as Valuation Dips

Robots · 1y ago

Divvy Homes Faces Third Round of Layoffs as Valuation Dips

Divvy Homes, a rent-to-own startup previously valued at $2 billion, is facing its third round of layoffs within a year. The company's unique approach to homeownership has been impacted by rising mortgage interest rates and the high cost of capital. Divvy Homes aims to help renters become homeowners but has struggled to adapt to changing market conditions. These layoffs, affecting 94 employees, are an attempt to conserve cash amid challenging economic conditions in the proptech industry. Other real estate tech firms have also faced difficulties due to increasing interest rates.

Dunzo to pay August salaries via payroll financing app OneTap amid cash crunch

Economic Times

Economic Times · 1y ago

Dunzo to pay August salaries via payroll financing app OneTap amid cash crunch

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.

Reliance writes off its $200 million investment in Dunzo - The Economic Times

Economic Times

Economic Times · 21d ago

Reliance writes off its $200 million investment in Dunzo - The Economic Times

Reliance Industries wrote off its investment in Dunzo, a hyperlocal delivery platform, after it failed in the competitive quick commerce market despite significant funding. The platform struggled with unsustainable cash burn due to aggressive expansion and marketing efforts, including an Indian Premier League sponsorship. As competition increased and startup funding decreased, Dunzo extended delivery times, underwent layoffs, and eventually ceased operations, leading to its app and website going offline by early 2025.

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