.Agent ImageReliance Retail-backed Dunzo has laid off 75% of its workforce, records Financial Express. Presenting unfamiliar sources aware of the concern, the document mentioned that the online delivery application right now possesses fifty staff members in its center source and market teams. The work cuts, depending on to the report, is part of a more comprehensive initiative to curb costs and develop cash flow to address positioning responsibilities, including past due salaries to present as well as previous employees and also excellent vendor payments.Layoffs.fyi - the on the web tracker reveal that the project decreases were actually made on August 31, 2024. Dunzo sends out email to workers According to the document, Dunzo has sent out an e-mail to its employees updating all of them concerning the recent downsizing. In the letter, Dunzo debenture hanging salaries, severance, leave behind encashment, and other because of afflicted workers as soon as it protects the essential funds.Dunzo, which started as an attendant company, has undertaken several shifts as well as problems. The provider, once shrouded at $775 million, has been struggling to close a critical funding around. In Might this year, Dunzo was reportedly near to protecting $22-25 million through a mix of equity as well as personal debt from both new and existing investors.In mid-July this year, the company notified its own employees that it resided in the lasts of closing an offer, anticipating to settle fees within 10-15 days. Having said that, the transaction fell short to appear with subsequential e-mails uncovering consistent problems and problems. The provider is actually currently finding to diversify its revenue sources past its major merchant-focused functions.
Published On Sep 2, 2024 at 01:35 PM IST.
Participate in the area of 2M+ market specialists.Subscribe to our bulletin to receive most current insights & analysis.
Install ETRetail App.Acquire Realtime updates.Conserve your favourite posts.
Browse to download and install App.