Dunzoa hyperlocal supply products and services startup, has behind schedule the cost of worker salaries for one month, and plans to settle any exceptional dues from the former month in September.
The startup introduced that it needed to defer a portion of the former month’s payroll till this week. Unfortunately, the corporate additionally mentioned that it might simplest pay the remainder salaries in early September. In addition, the August wage for all workers can be behind schedule until September 4.
In an electronic mail to its workers, the startup defined that the lengthen in wage is because of its center of attention on streamlining money waft to construct a extra sustainable trade for the long run.
During a the town corridor assembly with workers, Dunzo’s founder and leader govt, Kabeer Biswas, defined that the cost of June salaries over Rs 75,000 were behind schedule because of a money waft factor.
Bangalore-based startup eying extra investment from Reliance
This transfer comes because the startup, which is sponsored by means of Google and Reliance Retailis actively looking for new investment alternatives.
According to resources aware of the topic, Dunzois is taking a look to safe an extra $20 million (roughly Rs 165 crore) from its biggest shareholder, Reliance Retail.
The Bangalore-based fast trade startup failed to succeed in its goal of elevating $75 million via convertible notes. As consistent with Economic Times, the company controlled to boost simplest round $45 million in April.
Only Reliance Retail and Google subscribed to the convertible notes, whilst the opposite shareholders selected no longer to take part. As a consequence, the corporate is experiencing a destructive have an effect on on its money waft. Now, Dunzo is in talks with Reliance to boost the extra quantity to maintain the trade.
The corporate was once taking a look to chop inner prices by means of 5-7% consistent with quarter. However, fresh indications counsel that the relief objectives would possibly now build up considerably, in all probability attaining double digits. Dunzo had at the beginning deliberate to close down about 50% of its darkish shops in April, however this quantity has now risen to kind of 70%. Despite this, the corporate will proceed to perform in the remainder places via third-party distributors on its market.
The startup introduced that it needed to defer a portion of the former month’s payroll till this week. Unfortunately, the corporate additionally mentioned that it might simplest pay the remainder salaries in early September. In addition, the August wage for all workers can be behind schedule until September 4.
In an electronic mail to its workers, the startup defined that the lengthen in wage is because of its center of attention on streamlining money waft to construct a extra sustainable trade for the long run.
During a the town corridor assembly with workers, Dunzo’s founder and leader govt, Kabeer Biswas, defined that the cost of June salaries over Rs 75,000 were behind schedule because of a money waft factor.
Bangalore-based startup eying extra investment from Reliance
This transfer comes because the startup, which is sponsored by means of Google and Reliance Retailis actively looking for new investment alternatives.
According to resources aware of the topic, Dunzois is taking a look to safe an extra $20 million (roughly Rs 165 crore) from its biggest shareholder, Reliance Retail.
The Bangalore-based fast trade startup failed to succeed in its goal of elevating $75 million via convertible notes. As consistent with Economic Times, the company controlled to boost simplest round $45 million in April.
Only Reliance Retail and Google subscribed to the convertible notes, whilst the opposite shareholders selected no longer to take part. As a consequence, the corporate is experiencing a destructive have an effect on on its money waft. Now, Dunzo is in talks with Reliance to boost the extra quantity to maintain the trade.
The corporate was once taking a look to chop inner prices by means of 5-7% consistent with quarter. However, fresh indications counsel that the relief objectives would possibly now build up considerably, in all probability attaining double digits. Dunzo had at the beginning deliberate to close down about 50% of its darkish shops in April, however this quantity has now risen to kind of 70%. Despite this, the corporate will proceed to perform in the remainder places via third-party distributors on its market.