According to media reports, quick-commerce startup Dunzo is in talks to closing a funding round of USD USD 30 to 35 million. Although the startup has not disclosed the amount, investors such as Google, Lightrock and Reliance Retail are participating in the round.
Currently, Dunzo is stated to be in mode of it's cutting down its spending. To put context, the startup had nearly 1,000 employees at the start of the year and by now has undertaken three rounds of layoffs.
Around 25.8 per cent of the company's stake is owned by Reliance Retail, while Google owns 20 per cent of it. Amidst funding crunch, it has delayed the salaries of its employees from June and July month to November. The company on the other hand, is also mulling options to shut down 50 per cent of its non-profit dark stores. To extend its reach further, the company is exploring partnerships with supermarkets.
Last year in December, the startup closed nearly 20-30 per cent of its dark stores in Delhi and Hyderabad in an attempt to cut costs.
The Bengaluru-based startup in April ended a USD 75 million funding round through convertible notes. In January 2022, the company secured USD 240 million in equity funding from Reliance retail.