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Reliance Retail writes Off $200M investment in Dunzo amid financial struggles
YourStory
·
6m ago
Medial
Reliance Retail has written off its $200 million investment in Dunzo amid the company's financial struggles and retreat from quick commerce. Reliance, holding a 25.8% stake since January 2022, is no longer part of funding discussions. Dunzo’s leaders, including Kabeer Biswas, have stepped down. The startup seeks an acquisition deal valued at $25-$30 million, having faced salary payment issues despite aiming for profitability. Most investors, including Google, have exited the board.
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Exclusive: Reliance Retail Writes Off $200 Mn Dunzo Investment
Inc42
·
6m ago
Medial
Reliance Retail, the largest shareholder in troubled hyperlocal startup Dunzo, has written off its $200 Mn investment in the company, multiple sources privy to developments told Inc42. Reliance is also not involved in any talks to infuse funds into DunzoDunzo Datalabs_in-article-icon or acquiring it in a distress sale after the company’s cash crunch and retreat from quick commerce in the past 24 months. Meanwhile, Dunzo cofounder and CEO Kabeer Biswas according to our sources is leading talks with high net worth individuals and family offices for an acquisition deal that would value the startup at INR 300 Cr ($25 Mn-$30 Mn).
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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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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 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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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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Dunzo founder Kabeer Biswas may exit embattled delivery startup
Economic Times
·
6m 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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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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From Acquisition Talks to Talent Shift: Flipkart Taps Dunzo's Kabeer Biswas for Quick Commerce Boost
OutlookIndia
·
5m 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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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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Dunzo’s demise: How the Reliance-backed hyperlocal delivery startup unravelled
Economic Times
·
6m ago
Medial
Dunzo, once a promising hyperlocal delivery startup backed by Reliance Retail, raised $240 million but collapsed due to strategic errors, unsustainable expenses, and financial mismanagement. After aggressively expanding with a costly 15-minute delivery promise, mounting costs and failed funding efforts forced Dunzo to extend its delivery times. Attempts to secure investments failed, and by mid-2023, Dunzo faced severe operational challenges, mounting debts, and internal instability, ultimately leading to its downfall.
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