Quick delivery company Dunzo raises $75 million from Reliance Retail, Google, others: Report

Bengaluru-based quick commerce start-up Dunzo has secured a funding of $75 million through convertible notes, according to a report by Economic Times. The report by ET also revealed that while $50 million is being infused by Reliance Retail and Google, the rest is coming from the existing investors. 
 
Funding apart, sources aware of the matter told ET that Dunzo continues to hold talks with other investors such as Abu Dhabi Investment Authority (ADIA) but the capital will come once the business stabilises and certain metrics are met. 
 
Business Today reached out to Dunzo for a comment. The story will be updated with the same. 
 
BT reported on Thursday that the delivery company has laid off around 30 per cent of its workforce in a fresh round of layoffs. The current round of layoffs has impacted engineering roles at the company, sources told BT.
 
"It was mostly engineering roles, software engineers, architects, lead, even some director level people," the source said. Moreover, the layoffs were announced to the staff in an organisation-wide call on Wednesday. This was followed by a townhall with a Q & A round in the evening.
 
"The leadership conducted an organisation-wide call in which everyone was there and the layoff announcement was made. It was followed by a town hall also in the evening where we could ask questions," a source informed BT.
 
The fired employees were informed of this development in a one-on-one interaction with their managers.
 
Several companies have been announcing layoffs in a bid to cut costs and become profitable. According to a report by layoff tracker Layoffs.fyi, 561 tech companies have laid off over 1.67 lakh employees in 2023 alone across the world. Last year, according to this platform’s estimates, 1053 companies around the globe laid off 1.64 employees.

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