Dunzo defers salary payments, again
₹75,000 each for June. Around 500 employees were said to be affected by the move, which accounts for 40-45% of its workforce. It had fired around 30% of its workforce in April.
According to the letter, team members who were expecting balance payouts of their June salary during this week will have to wait it out till September as things get increasingly uncertain at the Reliance Industries-backed company. “The pending salaries for June will now be paid on 4 September 2023. Additionally, the July salary for all team members will be paid only on 4 September along with the August salary.
While we have set 4 September as the date for all pending salary payouts, we are working to resolve this issue at the earliest to minimize the impact on our team members," the letter said. On queries from Mint, a company spokesperson refused comment. The delay comes even as the company has raised $75 million in debt funding through convertible notes.
Apart from Google and Reliance, it counts Lightbox, Evolvence, Alteria Capital, among others, as its investors. A person aware of the company’s plans said that it was in the process of raising a new funding round of around $50 million from new investors. Amid larger funding crunch hitting high-growth startups, those with most cash burn seem to be out of runway.
Read more on livemint.com
