BUSINESS

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BUSINESS

Dunzo defers salaries till September

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Delayed salary payouts

Hyperlocal delivery start-up Dunzo is deferring July salaries to September and the balance of June payouts to September 4.

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More delay

Dunzo first deferred June salary payouts for employees earning over Rs. 75,000. They were supposed to be paid on July 20.

3

Funding crunch

Dunzo aimed to raise $150 million but secured only $45 million via convertible notes from Google and Reliance. Other shareholders abstained.

4

Store closures

Dunzo has closed 70% of its dark stores and is shifting focus to B2B operations. It is going the B2B way as it is less capital-intensive.

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Reliance

Dunzo seeks to raise $20 million from Reliance, which currently holds 25.6% of the company. Google's shareholding stands just below 20%.