Dunzo exits continue amid rejig: After co-founder, now head of finance leaves cash-strapped startup | Mint
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Business News/ Companies / News/  Dunzo exits continue amid rejig: After co-founder, now head of finance leaves cash-strapped startup
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Dunzo exits continue amid rejig: After co-founder, now head of finance leaves cash-strapped startup

Cash-strapped Dunzo sees yet another top-level exit amid restructuring

A DUNZO delivery personnel waits with a order near a closed gate amid COVID-19 lock down in Gurugram | Photo by Nasir Kachroo/NurPhoto via Getty ImagesPremium
A DUNZO delivery personnel waits with a order near a closed gate amid COVID-19 lock down in Gurugram | Photo by Nasir Kachroo/NurPhoto via Getty Images

Cash-strapped Dunzo saw yet another top level exit on Wednesday amid an extensive restructuring bid. Finance head Sudarshan N quit the company after a chequered year at the helm – mere weeks after the resignation of co-founder Dalvir Suri. The developments come at a time when the Reliance Retail and Google-backed company has delayed salaries, missed repayment deadlines and even faces multiple lawsuits.

LinkedIn updates indicate that Sudarshan N had left the company at the end of September – his shortest stint following nearly four years with Swiggy. The development was also confirmed by unnamed sources in conversation with Moneycontrol.

The logistics and delivery firm has so far not announced a replacement for Sudarshan N or commented on his exit. 

ALSO READ: Dunzo's $35 million rights issue may slash its valuation to $200 million: Report

Meanwhile reports indicate that another co-founder Mukund Jha is also set to leave the company in the coming days. The claim has been denied by Dunzo with officials insisting soon after Suri's exit that his fellow co-founder would continue be part of the strategic leadership team.

“While we are restructuring the organisation with new leaders driving key mandates, Mukund will continue to be an important part of the strategic leadership team guiding and directing Dunzo's future roadmap," a spokesperson had said.

ALSO READ: Dunzo delays salary further, opts for batch payments amid fundraising challenges

Dunzo had raised USD 75 million in April, and fired about 300 employees in the first half of this year as part of cost-cutting measures. Reports citing sources also indicated plans to lay off another 150-200 employees.

“In June salary of 85 per cent employees were paid. Salary of current employees for the month of July is pending and rest of month salary has been cleared. The July month salary will also be cleared in some time. Dues of ex-employees will be settled in the next three months," company sources told PTI last week.

(With inputs from agencies)

 

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Published: 11 Oct 2023, 08:49 PM IST
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