Mukesh Ambani-backed Dunzo in trouble? Co-founder to exit Rs 6660 crore firm, know controversy
Reliance Industries-backed startup Dunzo, in the midst of facing constant losses, is facing another controversy as co-founder Dalvir Suri has announced his exit from the firm.
The trouble for cash-strapped Dunzo seems to be mounting as yet another controversy has hit the company with the exit of one of the key leadership members and co-founder Dalvir Suri, who announced his exit from the Mukesh Ambani-backed firm on Monday.
Dunzo co-founder Dalvir Suri, who played a major role in the development of new lines of businesses such as Dunzo Merchant Services (DMS), will be moving on from the first-of-its-kind startup, announced CEO Kabeer Biswas.
“Dalvir has been instrumental in building out every new line of business at Dunzo. He has been the key zero to one person from the founding team that just gets things Dun,” Biswas said in an email sent to all Dunzo employees on Monday.
Dunzo is one of the few startups which is backed by Mukesh Ambani’s firm Reliance Industries Ltd (RIL) and is currently going through a major restructuring in the midst of its financial crisis. As per reports, Dunzo has also been struggling to pay the salaries of its employees.
Mukesh Ambani and Isha Ambani’s firm Reliance Retail has sunk in major funding for the doorstep delivery firm and is likely to put in another USD 30 million (Rs 249 crore) funding in the company, raising its stake to 25.8 percent in the firm.
Dunzo has been struggling on paydays for several months now and delayed the salaries of over half of its workforce till July 20 this year. As a part of cost-cutting measures, the top management also fired 400 employees in the first half of the year, sparking rumours of liquidation.
According to the most recent round of funding and its current market capital, Dunzo is worth around USD 800 million (Rs 6660 crore), and funding from Isha Ambani’s Reliance Retail can take it a step forward, likely pulling it from a financial crisis.