Dunzo has been unable to get finance in recent months, and has announced at least three rounds of layoffs, deferred or decreased compensation for some employees, and a 50% reduction in its dark storefronts.
Dalvir Suri, one of Dunzo’s four co-founders, said today that he would depart the cash-strapped, Reliance Industries-backed business. It also announced a company-wide restructure beginning this quarter.
Dunzo has been struggling to find money in recent months, and has announced at least three rounds of layoffs, deferred or decreased compensation for some employees, and a 50% reduction in its dark storefronts.
The company’s statement provided no additional information about the restructure. According to the financial news website Moneycontrol, Dunzo will provide specifics to employees later this week. Dunzo did not immediately respond to an email from Reuters requesting comment.
About a year after the company’s founding, in May 2015, Mr. Suri joined the Bengaluru-based organization and later became the head of its business-to-business division, Dunzo Merchant Services (DMS).
According to CEO and co-founder Kabeer Biswas, “Dalvir has been instrumental in building out every new line of business at Dunzo… and the DMS business has very capable leadership that’s picking up immediately after him.”
According to a recent Moneycontrol story, Dunzo is close to finalizing a $25 to $30 million investment round that will increase Reliance Retail’s 25.8% share in the company.
Dunzo made no mention of Mr. Suri’s departure date or who would take over for him. The other two founders of the company are Ankur Agarwal and Mukund Jha.
According to a recent Moneycontrol story, Dunzo is close to finalizing a $25 to $30 million investment round that will increase Reliance Retail’s 25.8% share in the company.