Reliance-backed Dunzo defers staff pay amid funding search | TechCrunch
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Dunzo, a hyperlocal delivery startup in India, is postponing employee salaries for a month and intends to settle remaining dues from the previous month also in September as Google and Reliance Retail-backed startup hunts for new funding.
The Bengaluru-headquartered startup told employees Wednesday that it will not be able to pay the remainder of their salaries for the month of June until early September and is delaying the August salary for all employees to September 4 as well.
The delay in salary comes as the startup focuses on “streamlining our cash flow so we can build a more sustainable business for the future,” it wrote to employees in an email.
“We need your support as we work through this,” the company wrote. A Dunzo spokesperson said the company had no comment.
The eight-year-old startup, which secured some funding just a few months ago, has raised nearly $500 million altogether and was last valued at $757 million, according to market intelligence firm Tracxn.
More to follow.
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