Highlights
Ex-Dunzo CEO Kabeer Biswas Joins Flipkart
Kabeer Biswas, the former CEO of Dunzo, has taken on a new role at Flipkart, focusing on the company’s quick commerce initiative, Flipkart Minutes. This information was confirmed by a source familiar with the situation, as reported by StartupSuperb. At the time of publication, Flipkart had not provided any comments regarding this development.
Expansion Plans for Flipkart Minutes
Flipkart, owned by Walmart, is actively pursuing growth for Flipkart Minutes. Key aspects of this strategy include:
- Introducing new categories on the platform.
- Expanding the dark store network to additional cities.
Recently, Flipkart has introduced quick medicine delivery services in cities like Bengaluru and Delhi, with plans to extend this service to other major cities, as per the aforementioned source.
Changes at Dunzo
Last week, Kabeer Biswas resigned as CEO of Dunzo, which has faced significant challenges. He is the latest co-founder to depart from the company, joining Mukund Jha, Dalvir Suri, and Ankur Agarwal in leaving Dunzo.
Reliance’s Investment and Dunzo’s Current Status
As reported by Inc42, Reliance, a significant investor in Dunzo, has written off its $200 million investment in the company. Reliance acquired a 25.8% stake in Dunzo from its January 2022 investment, but it is currently not participating in discussions regarding further funding or potential sale of the platform.
Additionally, many of Dunzo’s investors, such as Google and venture capital firm Lightbox, have also exited from the company’s board of directors.
Dunzo’s Financial Overview
Dunzo, founded in 2014 and based in Bengaluru, raised $75 million in a Series F funding round in April 2023. As of April 14, 2023, the company holds a post-money valuation of $744 million, according to Tracxn data.