South Asian Views On Global News - Update 24X7

Dunzo laying off 150-200 more employees amid fresh funding news: Reports


Dunzo laying off 150-200 more employees amid fresh funding news: ReportsSeptember 27, 2023New Delhi, Sep 27 (IANS) Homegrown quick-grocery delivery provider Dunzo, set to raise $35 million in funding from existing backers like Reliance Industries and Google as well as new investors, is reportedly laying off at least “150-200” more employees amid severe cash crunch.According to multiple reports, Dunzo is likely to trim its workforce further by around 30-40 per cent. The company has reportedly informed impacted employees that they would receive their full and final settlements in January. The employees were officially informed of the latest layoffs in a short meeting. The startup has already sacked nearly 400 employees so far this year in two job cut rounds. Earlier this month, Dunzo further delayed the salaries of its employees for the months of June and July, this time to November, amid an ongoing fund crunch. The startup may also vacate its office in Bengaluru to cut costs, according to its co-founder and CEO, Kabeer Biswas. Biswas reportedly told employees that their pending payouts for June and July will now be cleared in November. Dunzo earlier delayed salaries to the first week of October after being unable to raise funds. It had also promised employees to pay an interest of 12 per cent per annum on the salary component that it held back from June. The company has raised nearly $500 million to date, with approximately $300 million coming in since early 2022. –IANS na/kskhttps://ians.in/detail/dunzo-laying-off-150-200-more-employees-amid-fresh-funding-reports–20230927114806/

Replica of Print on your device!

CLICK & Send us 'hi' for Free Subscription

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept

gtag('set', {'user_id': 'USER_ID'}); // Set the user ID using signed-in user_id.