Reliance Retail writes off Dunzo investment
Reliance Retail almost wrote its investment LaAccording to the FY25 -year report of Reliance Industries, more than three years after investing in the company, Hyperlocal comfort firm Dunzo is 1,645 Crore. The Konglomera retail section had about 26% of Dunzo.
Reliance 240 million dollars (approximately La1,800 Crore) In January 2022, Dunzo with Lightbox, Lightrock, 3L Capital and Alteria Capital. Dunzo was the opportunity to enter Quick Commerce Race, an industry expected to exceed $ 60 billion by 2030.
The agreement was expected to provide hyperlocal logistics for retail’s retail stores and strengthen the many channel features of the company. Dunzo was also expected to help his own jioomart trader network with the last mile delivery of Reliance.
The collection comes months after the company’s founding partner and General Manager Kabeer Biswas resigned from the role of Biswas and joined the e-commerce company Flipkart to lead the quick trade branch minutes recently. Movement is looking for ways to solve the dues of the investors of entrepreneurs with cash shortages and find a way forward. Mint Reported in January.
Read more: While Kabeer jumps to Biswas Flipkart, there is no apparent solution for Dunzo yet
After Reliance Retail, Google India was the largest shareholder with its 19.3% stake and Lightbox with 10%. Blume Ventures, Lightrock and Founding Partners-Valvir Suri, Mukund Jha, Ankur Agarwal and Biswas-remaining stock.
Dunzo was founded in 2014 as a hyperlocal convenience platform for consumers and businesses. A few years later, he returned to the grocery store and finally to the fast trade area against hyper competition.
Dunzo has collected about $ 470 million from investors since its establishment. However, in the last two years, the initiative found himself at a difficult point after burning cash.
Layoffs and salary delays
After paying more than one ports and delayed salary payment, Dunzo dismissed 150 employees in August last year and left only 50 employees in supply and market teams. Mint notified.
Read more: Dunzo could have been a zepto. So why did he fail?
Dunzo also closed the grocery distribution business in 2023, but continued to operate Dunzo 4 Business, a courier service for businesses. The company also held talks to collect a $ 22-25 million money in a mixture of stocks and debts from a clutch consisting of new and existing investors.
Dunzo struggled to keep costs under control. As much as fast trade business LaAccording to an Intrackr report, in the first half of 2022, Dunzo at 230. 2022-23, La1,800 Crore is about four times higher than the previous year. But income, four times increased La226 Crore.
In August last year, an E -Posta Biswas said that the company approached a position where the company could take back the profits to pay its obligations, including the salaries of existing and former employees and payments to its sellers. But that didn’t come.
