Dunzo, a well-known hyperlocal delivery service, has recently revealed that it is laying off 75% of its staff due to financial struggles, including unpaid wages and outstanding bills to vendors. The company has reportedly dismissed 150 employees as part of this cost-reduction effort.
The report also mentioned that Dunzo now has only 50 employees left in its essential supply and marketplace teams. After the layoffs, the company is working with a minimal team focused on these critical areas. Dunzo’s strategy involves cutting costs and improving cash flow to manage its financial challenges and meet its obligations.
Affected employees received notification via email from Dunzo, which assured them that unpaid salaries, severance, leave encashment, and other dues would be settled once the company managed to secure the necessary funds.
Dunzo, which started as a concierge service, has seen various ups and downs. At its peak, the company’s valuation was $775 million, but it has recently faced challenges in closing an essential funding round.
In May 2024, Dunzo was close to securing $22-25 million in a combination of equity and debt from both new and existing investors. However, the deal did not go through.
By mid-July 2024, Dunzo told its employees that it was nearing the final stages of obtaining the funds and expected to clear outstanding dues within 10-15 days. Nonetheless, subsequent updates revealed ongoing delays, and the promised funding had not yet been secured.
Dunzo is figuring out other revenue streams and strategies to stay afloat in a highly competitive market.
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