Dunzo has cut its workforce by 30 percent, meaning close to 300 employees have been let go and the firm has also secured funding worth $75 million, sources told CNBC-TV18 on April 6. Both the moves shall help the delivery platform turn profitable before its IPO in 2025.
Grocery delivery platform Dunzo has cut its workforce by 30 percent, meaning close to 300 employees have been laid off and the firm has also secured funding worth $75 million, sources told CNBC-TV18 on April 6. Both the moves shall help the delivery platform turn profitable before its initial public offering (IPO) in 2025.
Dunzo informed its employees about the layoffs in a townhall on April 5 and said that the company was looking at a pivot in business strategy to achieve profitability ahead of planned IPO.
It must be noted that earlier in January, Dunzo founder Kabeer Biswas had told CNBC-TV18 that his firm was looking at organisational changes and re-organisation that could affect employees.
The company has also secured a funding of $75 mn through convertible notes with existing investors, Google and Reliance Industries likely to be among investors, sources said.
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