DUNZO FOUNDER
Layoffs at big internet firms keep staffers at startups on the edge
The new year has begun on a sombre note for people working in large and well-capitalised startups as companies like Swiggy, Flipkart, and Paytm are laying off a sizable chunk of their teams.
2023 Year in Review: Meet the top free agents in India’s technology and startup ecosystem
Startups like Dunzo and Dealshare have seen their cofounders leave, while top executives like Byju's chief technology officer Anil Goel, chief business officer Prathyusha Agarwal, and Flipkart head of new business Adarsh Menon are among the top “free” executives.
Dunzo’s survival hinges on Reliance Retail commitment to funds
An impasse after several rounds of discussions has left Dunzo’s other investors increasingly sceptical of its chances of survival in the absence of fresh funding soon, said multiple people briefed on the situation.
How PhonePe's plan to invest in Dunzo hit a roadblock; Slice seeks fresh funds
PhonePe was interested in acquiring the merchant network and quickly tapped into it for Pincode. It has been spending on customer acquisitions and discounts on the separate platform to acquire more users.
Going vocal with local on LLMs; and other top tech, startup stories this week
While tech biggies including Microsoft, Google, and Meta are leading the charge on AI, more localised contingents are emerging across geographies, including in India and the European Union.
Dunzo’s survival hinges on Reliance; Q&A with Instacart founder Apoorva Mehta
Reliance Retail, which is an investor in Dunzo, is yet to sign off on a much-needed capital infusion in the cash-strapped company. All about this and more, in today’s Morning Dispatch.
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Startups’ annus horribilis; and other top tech stories this week
Indian startups are closing 2023 with a cloud of uncertainty looming large over them.
Big slump in pay hikes for techies switching jobs; financial report card for Nykaa, Dunzo, PB Fintech
Employees at Indian IT firms are not getting the salary hikes they were used to on switching jobs anymore, data from staffing companies suggests. This and more in today’s ETtech Morning Dispatch.
Financial report card for Nykaa, Dunzo; Byju’s in talks with Joffre for Epic sale
FSN E-Commerce, the parent entity of omnichannel beauty and fashion retailer Nykaa, saw its Q2 profit jump 50%. Cash-strapped Dunzo also disclosed its FY23 financials today. This and more in today’s ETtech Top 5.
Online bargains recede as festive sales outperform; Dunzo board vets expenses amid cash crunch
Ecommerce discounts and promotional offers came down on the third day of the biggest annual online festive sales, as brands and online sellers over achieved their targets in sales by value compared to the year-ago period. This and more in today’s ETtech Morning Dispatch.
Dunzo's big valuation drop; decoding govt’s tax math on online gaming
Dunzo is seeking approval to raise $35 million via a rights issue, but some of its investors feel the cash-strapped startup’s valuation be slashed to about $200 million for the financing to happen. This and more in today’s ETtech Morning Dispatch.
Dunzo valuation may drop to $200 million, firm seeks nod for rights issue
While a few of the existing investors have committed around $10-15 million in capital at the reduced valuation, the company’s board is yet to clear the proposal.
ETtech Recap: Decoding Dunzo’s deepening crisis in five stories
Here’s a look at ETtech’s comprehensive coverage of the latest developments at the troubled Bengaluru-based company.
Piyush Goyal, Rajeev Chandrasekhar to grace ET Startup Awards ceremony; Dunzo cofounder to exit
The awards ceremony of the Economic Times Startup Awards 2023, scheduled to be held in Bengaluru on October 7, will see Union minister of commerce and industry Piyush Goyal and minister of state for information technology Rajeev Chandrasekhar attending as guests of honour. This and more in today’s ETtech Morning Dispatch.
Dunzo further delays salaries, more layoffs likely as it vacates headquarters
Dunzo founder Kabeer Biswas warns employees of further layoffs in case the cash flow situation worsens.
Koo seeks fresh funding, strategics; Dunzo further delays paying salaries, will move out of Bengaluru HQ
Homegrown microblogging platform Koo is looking for fresh funding or a strategic partnership to further its “next phase of growth,” cofounder Mayank Bidawatka said on Friday.
Dunzo delays paying salaries further as company faces severe cash crunch
Dunzo has been struggling to finalise crucial funding amid a cash crunch, as a valuation mismatch among stakeholders has become a point of contention between investors, ET reported on August 22.
How digital payments became democratic – the UPI way, and other top tech & startup stories this week
Unified Payments Interface (UPI), the real-time bank transfer mechanism, breached the 10 billion monthly transaction volume mark last month. And with the festive season not too far away, one can only expect it to grow more in the coming months. But what does this 10 billion really mean — and how did we get here?
IT sector drives strong PE interest; Dunzo delays June-July pay yet again
Data shows the number of private equity (PE) firms holding stakes in Indian IT services companies has doubled between 2019 and 2022 as investors eye safe bets, and such companies have demonstrated a tried-and-tested business model and profitability. This and more in today’s ETtech Morning Dispatch.
Dunzo’s funding plans hit a roadblock; software firms seek changes to local value addition norms
Troubled quick commerce company Dunzo, in desperate need of cash, is in talks for a funding deal with its investors. But with that comes a possible valuation cut of 50%, and some shareholders are not on board. This scuffle and more in today’s ETtech Morning Dispatch.
Dunzo seller app joins ONDC; aims to onboard 20,000 merchants in 45 days
Dunzo Cofounder Dalvir Suri said since the onboarding on the ONDC, there has been a three-time increase in the number of daily orders for merchants.
Dunzo’s business in free fall; PB Fintech’s Yashish Dahiya on opportunities in credit & more
Talk about being caught in a downward spiral. Cash-starved Dunzo has sharply scaled down operations to about a fifth from last year’s peak in a move to save cash, while fresh funds aren’t forthcoming. This and more in today’s ETtech Morning Dispatch.
Fresh layoffs begin as beleaguered Dunzo looks to prune costs
Sources aware of the matter said several employees have now been told their roles would be redundant as the company needs to save capital by reducing corporate costs.
Jio Financial set to shake up lending; Dunzo crisis deepens
The winds of change blowing through the Indian credit industry might blow some off their perch. Mukesh Ambani’s Reliance Industries is targeting the digital lending sector for its next disruption with a separate entity named Jio Financial Services. This and more in today’s ETtech Morning Dispatch.
Dunzo asks rainmaker Reliance for more monies; OneCard, WintWealth apply for NBFC licences
A week after ET reported that Dunzo may lay off more employees after the April carnage when it cut 300 jobs, more bad news is coming. The quick commerce company is turning to Reliance Retail, its largest investor, for a fresh cash infusion. It is not known if Reliance will oblige. This and more in today’s ETtech Morning Dispatch.
Cash-strapped quick commerce startup Dunzo eyes $20 million more from Reliance Retail
Reliance Retail owns a 25.8% stake in Dunzo, while Google holds just under 20%. Reliance Retail’s shareholding is expected to increase in the startup if the ongoing talks lead to the Mukesh Ambani-led conglomerate making an additional investment.
Premium products power online sales as mass-market hit by slowdown; ISRO grey cells fuel spacetech startups
Ecommerce sales — excluding smartphones — have surged 24% in Q2. Industry insiders and research firms indicate that the growth in smartphones is driven by premium devices. This and more in today’s ETtech Morning Dispatch.
Reliance-backed Dunzo may cut more jobs; defers 50% of June salary amid cash crunch
Dunzo has already cut jobs twice this year. In April it fired 30% of its workforce, or more than 300 people, and simultaneously planned a shift in the business model to reduce operating cost.
FMCG platform Soptle raises $1 million in funding led by Kube VC, We Founder Circle
The funding will aid Soptle’s expansion of the retailer-network reach and manufacturing-partner footprint across India, with new product offerings and technology enhancement.
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