Another Dunzo Co-founder set to exit amid severe cash crunch

New Delhi, Oct 3 (SocialNews.XYZ) Mukund Jha, Co-founder at the cash-strapped quick-grocery delivery provider Dunzo, is reportedly set to exit the company, after another co-founder Dalvir Suri decided to quit, as Dunzo faces severe cash crunch amid delayed salaries and impending layoffs.

Jha exited Dunzo's board on September 1, according to The Morning Context.

A Dunzo spokesperson, however, neither confirmed nor denied the news, saying that “Mukund remains an integral part of Dunzo’s leadership team”.

“While we are restructuring the org 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,” the spokesperson added.

The news of Jha moving on from Dunzo came a day after the company confirmed the departure of cofounder Suri.

“He has been the key zero to one person from the founding team that just gets things Dun. He has been meaning to take a break for sometime now - and with 6+ years spent building Dunzo, he plans to move forward to pursuing new journeys,” Biswas said.

Dunzo has also seen exit of some of its board members, including Vaidhehi Ravindran from Lightrock and Reliance Retail's Rajendra Kamath and Ashwin Khasgiwala, according to reports.

Dunzo is making organisation-wide changes in restructuring the business.

Dunzo, which is likely to raise $35 million in funding from existing backers like Reliance Industries and Google as well as new investors, is also reportedly laying off at least “150-200” more employees.

Dunzo is likely to trim its workforce further by around 30-40 per cent.

The company has reportedly informed impacted employees that they would receive their full and final settlements in January.

Last month, Dunzo delayed the salaries of its employees for the months of June and July, this time to November, amid an ongoing fund crunch.

The startup may also vacate its office in Bengaluru to cut costs.

Source: IANS