Dunzo's troubles mount as another top executive departs
Sudarshan N, Dunzo's Head of Finance, has stepped down from his position amid the hyperlocal delivery start-up's ongoing fundraising and cashflow management efforts. With a background as a chartered accountant, Sudarshan spent just over a year at Dunzo after spending nearly four years at Swiggy and almost eight years at Ernst and Young. His departure comes as the company is reportedly looking to secure $25-30 million in funding to cover working capital needs.
Delayed salaries and multiple lawsuits plague Dunzo
Dunzo has struggled with cash flow management, leading to delayed salaries, missed repayment deadlines, and multiple lawsuits. To address these issues, the company partnered with revenue financing firm OneTap to ensure timely salary payments. In a townhall meeting this past July, Mukund Jha, co-founder and CTO of Dunzo, acknowledged that not hiring a CFO sooner was a major oversight.
Top-level departures continue at Dunzo
Sudarshan's departure is just one of several recent high-level exits at Dunzo. Co-founders Mukund Jha and Dalvir Suri are also rumored to be leaving the company soon. Additionally, Akansha Kumari, Dunzo's former Head of Product, has transitioned to leading the product team at fintech start-up Jupiter. The company has not yet announced any updates regarding the appointment of a new CFO.
Dunzo's funding history and major shareholders
Since its launch in 2015, Dunzo has raised nearly $500 million from investors such as Reliance, Google, Lightrock, Lightbox, Blume Ventures, and others. Reliance is the largest shareholder with a 25.8% stake in the company, while Google holds the second-largest share at around 19%. The start-up is currently focused on securing additional funding to address its working capital requirements.
