Kabeer Biswas, CEO and Co-founder of hyperlocal supply service Dunzo, has handed in his resignation letter, in line with a supply with direct data of the matter.
Biswas declined to answer queries despatched by YourStory.
Moneycontrol was the primary to report on the matter.
Biswas is the most recent co-founder to step away from the corporate after Mukund Jha, Dalvir Suri, and Ankur Agarwal left the corporate.
In response to the Moneycontrol report, the corporate was in talks with meals supply platform Swiggy and Tata’s BigBasket for a possible buyout however the talks fell by means of.
Dunzo, in April final 12 months, instructed former staff that it was working in direction of its first full worthwhile 12 months in FY25. Nonetheless, it was unable to pay salaries for a number of months in addition to clear full and last settlements of staff who had left the corporate.
Moreover, the report cited that the corporate has not cleared pending salaries to staff in over 18 months, together with Biswas who has not drawn a wage in round 20 months.
Based in 2014, the Bengaluru-based firm final raised $75 million in a Collection F spherical of funding in April 2023 and has a post-money valuation of $744 million as of April 14, 2023, in line with knowledge web site Tracxn.
Nonetheless, most buyers together with Reliance Retail, Google, and enterprise capital agency Lightbox, have departed from the corporate’s board of administrators.
Dunzo, which started as a hyperlocal supply service, quickly branched out into the fast commerce area dealing with stiff competitors from well-funded startups similar to not too long ago listed Swiggy’s Instamart, Zepto, and Zomato-owned Blinkit.
Moreover, the corporate’s product providing of permitting customers to ship packages from one location to a different was quickly adopted by Swiggy by means of Swiggy Genie. At this time, such providers are offered by cab aggregators together with US-based Uber, Bhavish Aggarwal-led Ola Shopper and items transportation startup Porter.
