Reliance retail supported Dunzo: Dunzo has postponed the payment of August salaries of some employees till the end of this week. In such a situation, fund crisis of the company is being estimated. Reliance Retail has 26% stake in the company.
New Delhi: Fund crisis is visible in Reliance Retail’s stake company Dunzo. Because, the company has delayed giving the salary of the employees for the month of August. An internal e-mail has also been sent to the employees regarding the delay in salary. Let us tell you that Reliance Retail is the biggest investor of Dunzo and it has 26% stake in Dunzo.
Troubled quick commerce firm Dunzo on Monday told employees that it will take a few more days to transfer the salaries for the month of August to all its employees, according to internal communications reviewed by ET. The Reliance Retail-backed company had promised to pay the salary for the month of August on September 4. On August 31, the company informed its employees that salaries for the months of June and July were pending, which were also to be paid on September 4. The company said that without specifying the exact date, there would be further delays.
In the internal communication sent to the employees, it has been said that due to some process related requirements, we will have to do it batch wise. It may take an additional day or two to make this transfer to salary accounts convenient for everyone. Rest assured, you will get your August 2023 salary within this week without any failure. This is our top priority and we are expediting the process as much as possible.
ET had reported on August 22 that Dunzo was struggling to close the required new finance as the difference in valuation horizons among its investors had emerged as a hurdle. At the same time, the company has also fired about 400 employees in the last eight months.
The Bengaluru-based firm had first delayed the salary components above Rs 75,000 for the month of June, which were to be paid in July. As a result, the salary for the month of July was also delayed and the date of payment was fixed as 4th September. At the same time, Dunzo is also facing legal notices from Google India, Facebook India Online Services, Koo, Glance and others regarding pending vendor payments. According to the report, the dues of the vendors to the company have been estimated at around Rs 11.4 crore.
