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Reliance-backed Dunzo has been admitted into insolvency by the Bengaluru bench of NCLT after petitions from vendors including Exotel and Velvin Packaging, with an IRP appointed to oversee the process.
Despite raising $485 million from marquee investors like Reliance and Google, Dunzo’s pivot to quick commerce failed, with FY23 losses swelling to INR 1,748 Cr against revenues of INR 206.5 Cr.
Successive cofounder exits, Reliance’s $240 million write-off, and over a dozen vendor…
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Reliance-backed Dunzo has been admitted into insolvency by the Bengaluru bench of NCLT after petitions from vendors including Exotel and Velvin Packaging, with an IRP appointed to oversee the process.
Despite raising $485 million from marquee investors like Reliance and Google, Dunzo’s pivot to quick commerce failed, with FY23 losses swelling to INR 1,748 Cr against revenues of INR 206.5 Cr.
Successive cofounder exits, Reliance’s $240 million write-off, and over a dozen vendor…
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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