has written off its $200 million funding in hyperlocal startup , following the corporate’s money crunch and retreat from fast commerce over the previous two years, based on an Inc42 report.
Reliance, which holds a 25.8% stake in Dunzo from its funding in January 2022, is not concerned in any discussions concerning extra funding or a misery sale.
Dunzo’s Kabeer Biswas is reportedly in talks with high-net-worth people and household workplaces for an acquisition deal, with the startup’s valuation set between Rs 300 crore ($25-$30 million), the report added.
Biswas lately resigned, becoming a member of co-founders Mukund Jha, Dalvir Suri, and Ankur Agarwal, who had already stepped down.
Dunzo had been in talks with Swiggy and Tata’s BigBasket for a possible buyout, however these discussions fell by way of, sources informed Inc42. Regardless of aiming for its first worthwhile yr in FY25, the corporate struggled to pay salaries for a number of months and settle dues for former workers.
Based in 2014 in Bengaluru, Dunzo final raised $75 million in a Collection F spherical of funding in April 2023, and had a post-money valuation of $744 million as of April 14, 2023, based on knowledge from Tracxn.
Nonetheless, most of its buyers, together with Reliance Retail, Google, and enterprise capital agency Lightbox, have now departed from the corporate’s board of administrators.
Beginning as a hyperlocal supply service, Dunzo expanded into the short commerce area however confronted stiff competitors from well-funded startups like Swiggy’s Instamart, Zepto, and Zomato-owned Blinkit.
