Jha, who joined the hyperlocal delivery competitor in 2015, was instrumental in informing staff members of salary delays and layoffs.
Dunzo is not owned by Mukund Jha, Davlvir Suri, and their co-founder Ankur Aggarwal.
According to people with information regarding the situation, Mukund Jha, co-founder and chief technology officer (CTO) of Dunzo, is planning to leave the on-demand delivery business, making him the second co-founder to do so in the past week.
This comes a day after Moneycontrol announced that co-founder of the troubled business Dunzo, Dalvir Suri, was leaving the company he joined in 2015.
Jha’s future step is unclear at this time, but according to corporate insiders, he has stepped aside from daily duties. A formal statement may be made in the coming weeks. Several staff have already been informed by the corporation of Jha’s leaving.
However, the firm disagreed that Jha is quitting. “Mukund continues to be an important part of Dunzo’s executive team. Mukund will continue to be an important part of the strategic leadership team leading and guiding Dunzo’s future roadmap while we are restructuring the organization with new executives driving key mandates, a Dunzo spokesperson informed Moneycontrol.
The Morning Context, a news source, stated on October 3 that Jha had left the board of Dunzo on September 1. According to the the report, Suri, Vaidhehi Ravindran from Lightrock, Rajendra Kamath and Ashwin Khasgiwala from Reliance Retail all resigned from the board of the firm in August.
On the startup’s board, only CEO Biswas, Siddharth Talwar from Lightbox, and Hongjim Kim from STIC Investments remain.
As was previously stated, Jha, Suri, and co-founder Ankur Aggarwal do not own any shares of Dunzo. Like many other employees, the three of them just received salaries and were covered by ESOPs (employee stock ownership plans), which Dunzo has previously deferred.
Kabeer Biswas, co-founder and CEO of Dunzi, is the only co-founder with equity; he owns around 3.6 percent of Dunzo. Jha’s resignation occurs as Dunzo is raising money and securing cash to the tune of $25 to $30 million to maintain operations, with Reliance Retail set to grow its investment in the company.
It has significantly reduced costs by closing dark outlets and letting go of more than 500 employees as it gets ready to raise money.
Jha, who joined the hyperlocal delivery company in 2015, was important in informing staff members of layoffs and pay delays.
He conducted a number of company-wide town halls and answered queries from upset workers. Jha recently disclosed to the staff that Dunzo delayed seeking money earlier because it wanted to preserve its value.
Since 2015, Reliance, Google, Lightrock, Lightbox, Blume Ventures, and a number of other investors have contributed about $500 million to Dunzo. According to Tracxn, a private markets data source, Reliance is the firm with the greatest investment (25.8%), while Google was the second-largest stakeholder (around 19%) in Dunzo.
Topics #delivery #Dunzo #food #food delivery #Moneycontrol #Mukund Jha #Online Food
