According to sources, Kabeer Biswas, founder and CEO of Dunzo, told employees in a town hall meeting about the latest round of
When reached, Dunzo did not immediately comment.
The Economic Times was the first to report on the development. By January, Dunzo had laid off 3 percent of its workforce over cost-cutting measures as the company looked at team structures and network design to build efficiencies into its teams.
The fast trade platform will also close 50 percent of its dark stores and will now join supermarkets and other merchants.
The freshly raised funds would be used to enable immediate delivery of supplies from a network of micro-warehouses, while also expanding the ‘B2B’ business vertical to enable logistics for the local merchants.
The investment was led by Reliance Retail Ventures, with participation from existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital.