The Reliance Retail-backed agency had promised to pay salaries for the month of August on September 4. On August 31, the agency knowledgeable its staff that pending salaries from the months of June and July, which had been additionally slated to be paid on September 4, can be delayed additional, with out giving an actual date.
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“As a consequence of sure procedural necessities, we now have to do that batch sensible. It might take an extra day or two to facilitate this switch for everybody… Relaxation assured you’ll obtain your August 2023 wage inside this week with out fail. That is our prime precedence and we’re expediting the method as a lot as we are able to,” the interior communication despatched to staff at present stated.
Dunzo has been struggling to shut important new financing as a distinction within the scope of valuation between its buyers has emerged as a roadblock, ET reported on August 22. Over the past eight months, the corporate has fired near 400 staff.
The Bengaluru-based agency had first delayed wage parts above Rs 75,000 for the month of June, which had been to be paid in July. It consequently delayed salaries for the month of July as properly, assigning September Four because the date of fee.
Dunzo can also be going through authorized notices from Google India, Fb India On-line Companies, Koo, Look and others over pending vendor funds. Studies pegged its excellent vendor debt at about Rs 11.Four crore.
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ET reported on August 22 that Dunzo’s largest investor, Reliance Retail, was averse to the thought of slashing the valuation of the startup by almost 50% in a recent funding deal being stitched collectively by a set of current buyers. The now cash-strapped startup was final valued at near $800 million, which is when Reliance invested $200 million in it to select up a 26% stake.