New Delhi, December 7: Homegrown quick-grocery delivery provider Dunzo has failed to pay November salaries to its current employees, despite partnering with OneTap, a revenue financing firm, earlier this year, media report said on Thursday. Earlier this week, the company told employees that it had got assurance from their investor that expected funds would be wired to them by early next week and assured workers that they should be able to release the November salaries as soon as they receive it, reports Moneycontrol.
“With this infusion, we should be able to manage salaries for the next couple of months till we close out the round of equity in January,” the company was quoted as saying. “As this (the fresh funding) is based on external factors, we would recommend members to plan for a worst-case timeline of December 15, 2023. We will continue to put our best efforts to find other alternatives as well. Regret the delay and request your continued support,” it added. Layoffs in US: Jack Dorsey’s Music Streaming Platform Tidal Lays Off Over 40 Employees, About 10% of Its Workforce.
Dunzo has delayed their employee’s salaries multiple times this year. The company first said it would not be able to pay employees salaries until early September, a further delay from the earlier deadline of July 20. It then delayed salaries to the first week of October after being unable to raise funds. Later, it delayed salaries to November amid an ongoing fund crunch. Sheryl Sandberg, Activist and Former Meta COO, Speaks Out Against Rape During Israel-Hamas War.
Last month, Dunzo shifted all employee accounts from Google Workspace to Zoho in order to bring down costs. Meanwhile, Dunzo has posted a loss of Rs 1,800 crore in FY23, a 288 per cent increase from the previous year. The company has also been hit by the departure of several top-level executives, including co-founders and its finance head.
(The above story first appeared on LatestLY on Dec 07, 2023 03:52 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
