Unable to raise funds, Dunzo again delays salary payments to October
The startup had previously committed to make payments on September 4, from the earlier July 20
Homegrown quick-grocery delivery provider Dunzo, has yet again delayed salaries to the first week of October after being unable to raise funds, according to a report.
The startup had previously committed to make payments on September 4, from the earlier July 20.
"We sincerely apologise for this delay. Ensuring that you receive your due compensation as early as possible is our top priority. Please be assured that we are doing everything to make this happen, and we are confident that there will be no further delays after this," read the email, the Moneycontrol reported.
The quick-grocery delivery provider has also promised employees to pay an interest of 12 per cent per annum on the salary component that it held back from June.
Earlier in August, it was reportedly in advanced talks to raise between $80-100 million in its series G round from its existing investors, including Lightbox and Lightrock, leading startup coverage portal Inc42 reported.
The funding round "mostly comprises equity funding and can have a small debt element", the report mentioned.
Since March this year, Dunzo has received legal notice from at least seven companies -- Google India, Nilenso, Clover Ventures, Facebook India Online Services Private Ltd, Cupshup, Koo, and Glance.
Overall, Dunzo's outstanding vendor debts total approximately Rs 11.4 crore, nearly double of Rs 5-6 crore previously estimated.
Published: 31 Aug 2023, 8:25 AM