Dunzo Seeks To Raise $35 Million In Rights Issue At Slashed Valuation Of $200 Million

In this article, we will talk about the Dunzo. Dunzo is one of the best and most famous Indian companies and it delivers fruits and vegetables, meat, pet supplies, food, and medicines in major cities. It has a separate service to pick up and deliver packages within the same city. Recently the news has come on the internet that Dunzo has been seeking approval from its board to grow up to $35 million through a rights issue at a smaller valuation. Currently, this news has been gaining huge attention from the people. Here we have more information about the news and we will share it with you in this article.

Dunzo

The budget will decrease the embattled startup’s valuation to about $200 million, just a quarter of its peak valuation of $800 million, The Economic Times reported, citing multiple individuals familiar with the matter. A few of the current investors have committed around $10-15 million in capital at the reduced valuation. The company’s board did not clear the proposal. Kabeer Biswas is a very respected Dunzo founder and CEO and is likely to seek clearance from the board, including top shareholders like Reliance Retail, Google, and others, in the coming days to close the much-needed grant. Scroll down to the next page for more information about the news.

One investor privy to the discussion informed ET ” The recent commitment is at around a $200 million valuation. That’s also the coordinated standard for most investors in the firm before it was valued at close to $800 million,” This money has been also committed to the fact that it will become a B2B company for all useful intents doing delivery for business clients,” the person stated while adding that ” all are putting in the capital needs to approve on the new valuation”.You are on the right page for more information about the news, so please read the complete article.

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As far as we know, earlier it had been reported that amid a cash crunch in the crisis-ridden hyper local delivery startup, its co-founder Dalvir Suri will step down from his position. The company will also experience an organization-wide restructuring from this quarter. The exit arrives at a time when Dunzi has been struggling to breed funds and has been trying all sorts of measurements to cut its spending. Here we have shared all the information that we had if we get any information then we will update you soon. Stay tuned to us for more updates.

Mark
Gurleen Kaur

I'm a science graduate from the Ahmadu Bello University, Nigeria. My passion for writing has brought me to into the field of content.