.Rep ImageReliance Retail-backed Dunzo has actually laid off 75% of its labor force, files Financial Express. Citing not known sources knowledgeable about the concern, the record said that the online shipping application currently has 50 staff members in its core source and market place teams. The project reduces, according to the report, is part of a broader attempt to curb expenses and produce cash flow to resolve placing liabilities, featuring past due compensations to present as well as previous employees and excellent supplier payments.Layoffs.fyi - the internet tracker present that the task reduces were actually brought in on August 31, 2024. Dunzo sends email to workers According to the report, Dunzo has actually sent an email to its staff members notifying all of them about the latest downsizing. In the letter, Dunzo debenture pending compensations, severance, leave behind encashment, as well as various other dues to afflicted personnel as soon as it secures the essential funds.Dunzo, which started as a porter company, has gone through various shifts and difficulties. The firm, as soon as covered up at $775 million, has been actually battling to close a vital funding sphere. In May this year, Dunzo was apparently near securing $22-25 thousand through a mix of equity and also financial debt from each new and also existing investors.In mid-July this year, the provider educated its workers that it was in the lasts of closing a bargain, anticipating to clear up fees within 10-15 times. However, the purchase fell short to emerge with subsequential e-mails uncovering persistent delays and also challenges. The firm is actually right now looking for to diversify its profits sources beyond its own primary merchant-focused procedures.
Released On Sep 2, 2024 at 01:35 PM IST.
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