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Reliance-backed Dunzo faces second insolvency case in 5 months
News Bytes
·
1y ago
Medial
Hyperlocal delivery startup Dunzo, backed by Reliance and Google, is facing a second insolvency case in just five months. The recent case has been filed by its creditor Invoice Discounters, claiming Dunzo hasn't fully compensated for services including asset management, hiring, background checks and merchandise. Earlier in February, another Dunzo creditor Betterplace had filed an insolvency case.
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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 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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NCLT lambasts Dunzo for failing to settle with creditors despite having ’enough time’ | Mint
Livemint
·
10m ago
Medial
Dunzo Digital, a quick commerce platform backed by Reliance Retail, has been reprimanded by a bankruptcy tribunal for failing to reach a settlement with its creditors despite being given ample time to do so. The National Company Law Tribunal (NCLT) criticized Dunzo for not filing its reply to insolvency petitions filed by two of its creditors, Invoice Discounters of Dunzo Digital and Velvin Packaging. The company reportedly owes money to various creditors, including Betterplace Safety Solutions and advertising partners like Google India and Facebook India. Dunzo has recently laid off 150 employees and now has only 50 remaining in its core supply and marketplace teams.
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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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From Acquisition Talks to Talent Shift: Flipkart Taps Dunzo's Kabeer Biswas for Quick Commerce Boost
OutlookIndia
·
6m ago
Medial
Flipkart recently sought to enhance its quick commerce division, Flipkart Minutes, by potentially recruiting Kabeer Biswas, CEO and last-remaining co-founder of Dunzo. Previously, Flipkart was unsuccessful in acquiring Dunzo due to complexities in its ownership structure and opposition from its major shareholder, Reliance Retail. Dunzo faces financial challenges and talent departures, including Biswas, potentially benefitting Flipkart in its competitive quick commerce market against major rivals like Blinkit and Zepto.
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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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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 founder Kabeer Biswas may exit embattled delivery startup
Economic Times
·
7m 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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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 Retail-backed Dunzo may cut more jobs to pare costs; defers 50% of June salary
Economic Times
·
2y ago
Medial
Reliance Retail-backed Dunzo, a tech startup, is reportedly considering further job cuts as part of cost reduction measures. The company has also deferred 50% of the salary for June. These actions come as Dunzo seeks to manage its expenses amid challenging market conditions. This comes after Dunzo fired about 30% of its workforce, or over 300 staff, in April, as reported by ET, while simultaneously planning a shift in its business model.
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