Dunzo Fails To Pay Salaries 'Again' Dunzo has delayed their employee's salaries multiple times this year. It has posted a loss of INR 1,800 crore in FY23, a 288 per cent increase from the previous year.
By Entrepreneur Staff •
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Google, Reliance Retail backed cash strapped quick-grocery delivery provider Dunzo has once again failed to pay salaries and this time to current employees, As per a report by Moneycontrol, Dunzo employees have not received their November salaries despite the company partnering with revenue financing firm OneTap. Earlier this week, the company told employees that it had got assurance from their investor that expected funds would be wired to them by early next week and assured workers that they should be able to release the November salaries as soon as they receive it, according to news reports.
"With this infusion, we should be able to manage salaries for the next couple of months till we close out the round of equity in January," the company was quoted as saying. "As this (the fresh funding) is based on external factors, we would recommend members to plan for a worst-case timeline of December 15, 2023. We will continue to put our best efforts to find other alternatives as well. Regret the delay and request your continued support," it added.
Dunzo has delayed their employee's salaries multiple times this year. It has posted a loss of INR 1,800 crore in FY23, a 288 per cent increase from the previous year. The company has also been hit by the departure of several top-level executives, including co-founders and its finance head.
Founded by Kabeer Biswas, Ankur Agarwal, Dalvir Suri and Mukund Jha in 2014, the startup raised several rounds of funding and got interest from giants like Google and Lightbox. Reliance Retail bought around 25% stake in Dunzo in January last year by investing almost INR 1641 crore. Google is also a key investor in Dunzo.
