Columns

Bengaluru- located Dunzo lays off 75% employees, lowers workforce to 50, ET Retail

.Agent ImageReliance Retail-backed Dunzo has actually given up 75% of its labor force, reports Financial Express. Citing unidentified sources aware of the matter, the file pointed out that the on-line shipment app now has 50 staff members in its own primary source and also market place staffs. The project cuts, depending on to the file, belongs to a broader initiative to suppress costs and also generate cash flow to take care of mounting obligations, including past due compensations to current and past employees and also outstanding provider payments.Layoffs.fyi - the on-line tracker show that the task cuts were brought in on August 31, 2024. Dunzo sends e-mail to staff members According to the report, Dunzo has sent out an e-mail to its own employees informing them about the current downsizing. In the letter, Dunzo debenture pending incomes, severance, leave encashment, and also other because of damaged team as soon as it protects the essential funds.Dunzo, which began as a porter service, has gone through several switches and also problems. The company, as soon as shrouded at $775 million, has been having a hard time to shut a vital funding around. In Might this year, Dunzo was supposedly near getting $22-25 thousand through a mix of equity and financial obligation coming from each brand new as well as existing investors.In mid-July this year, the business notified its own employees that it resided in the lasts of shutting a package, anticipating to resolve fees within 10-15 days. However, the purchase failed to appear along with subsequential e-mails showing relentless problems as well as obstacles. The provider is actually now finding to expand its profits resources past its own main merchant-focused functions.
Released On Sep 2, 2024 at 01:35 PM IST.




Participate in the community of 2M+ business professionals.Sign up for our bulletin to receive latest ideas &amp evaluation.


Install ETRetail Application.Obtain Realtime updates.Save your favorite write-ups.


Browse to install App.