Dunzo co-founder Dalvir Suri exits cash-strapped startup
Suri does not have a stake in Dunzo while CEO Kabeer Biswas owns 5.67% of the firm in equity.
Dunzo co-founder Dalvir Suri has exited the cash-strapped startup at a time when it is reeling in a liquidity crisis. Suri spent more than six years in the company and played a key role in introducing new lines of businesses, including Merchant Services (DMS).
Suri has been taking some time off over the last few weeks and will be moving on from Dunzo, CEO Kabeer Biswas informed employees over email on Monday morning.
"Dalvir has been instrumental in building out every new line of business at Dunzo. He has been the key zero to one person from the founding team that just gets things Dun," Biswas said.
He added that Suri has been meaning to take a break for some time now and plans to move forward by pursuing new journeys, according to the email to employees.
"Everyone of you has surely been touched by Dalvir's 'let's do it attitude'. I / We will miss him a lot," Biswas noted.
YourStory has seen a copy of the email.
Suri, along with co-founders Mukund Jha and Ankur Aggarwal, have no equity in the Reliance Retail-backed company. Kabeer Biswas owns 3.57% of the Bengaluru-based firm, as per data from Tracxn.
Last month, Dunzo told employees that it has partnered with payroll financing company OneTap to disburse salaries for the month of August as it awaits fresh funding.
OneTap is an RBI-registered non-banking financing corporation (NBFC) operated by Capital Trade Links Limited which is listed on the Bombay Stock Exchange (BSE).
"Please be assured that this partnership is between Dunzo and OneTap, and hence, all repayment liability rests solely with Dunzo. For team members, this will be treated as a regular salary credit with no interest or repayment obligation," Dunzo told employees in a follow-up email sent on Wednesday.