Dunzo’s co-founder Kabeer Biswas hands in resignation letter

Kabeer Biswas, CEO and Co-founder of hyperlocal delivery service Dunzo, has handed in his resignation letter, according to a source with direct knowledge of the matter.

Biswas declined to respond to queries sent by YourStory.

Moneycontrol was the first to report on the matter.

Biswas is the latest co-founder to step away from the company after Mukund Jha, Dalvir Suri, and Ankur Agarwal left the company.

According to the Moneycontrol report, the company was in talks with food delivery platform Swiggy and Tata’s BigBasket for a potential buyout but the talks fell through.

Dunzo, in April last year, told former employees that it was working towards its first full profitable year in FY25. However, it was unable to pay salaries for a few months as well as clear full and final settlements of employees who had left the company.

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Additionally, the report cited that the company has not cleared pending salaries to employees in over 18 months, including Biswas who has not drawn a salary in around 20 months.

Founded in 2014, the Bengaluru-based company last raised $75 million in a Series F round of funding in April 2023 and has a post-money valuation of $744 million as of April 14, 2023, according to data website Tracxn.

However, most investors including Reliance Retail, Google, and venture capital firm Lightbox, have departed from the company’s board of directors.

Dunzo, which began as a hyperlocal delivery service, soon branched out into the quick commerce space facing stiff competition from well-funded startups such as recently listed Swiggy’s Instamart, Zepto, and Zomato-owned Blinkit.

Additionally, the company’s product offering of allowing users to send packages from one location to another was soon adopted by Swiggy through Swiggy Genie. Today, such services are provided by cab aggregators including US-based Uber, Bhavish Aggarwal-led Ola Consumer and goods transportation startup Porter.