Dunzo’s head of finance becomes latest to exit cash-strapped startup

Dunzo's head of finance becomes latest to exit cash-strapped startup

Dunzo, the hyperlocal delivery platform, is grappling with financial challenges as it navigates a crucial fundraise and leadership departures. Sudarshan N, the Head of Finance, has reportedly left the company after a short stint, marking another top-level departure at a critical juncture.

Sudarshan N, a chartered accountant by profession, joined Dunzo for a brief period of just over a year. His previous role at Swiggy spanned nearly four years, and before that, he worked at Ernst and Young (E&Y) for nearly eight years. While Sudarshan’s LinkedIn profile confirms his exit, Dunzo has yet to respond to inquiries regarding his departure.

Sudarshan N’s position at Dunzo was pivotal, especially as the company grapples with delayed salaries, missed repayment deadlines, and multiple lawsuits stemming from cash flow mismanagement. Dunzo has been actively seeking a Head of Finance as part of its efforts to secure $25-30 million to address working capital needs. The company had even attempted to partner with OneTap, a revenue financing firm, to ensure timely salary payments.

In a townhall meeting, Mukund Jha, co-founder and chief technology officer (CTO) of Dunzo, candidly acknowledged the mistake of not hiring a Chief Financial Officer (CFO) earlier. He emphasized the importance of bringing in a CFO and mentioned plans to make the appointment around September or October.

Sudarshan N’s departure adds to a series of high-level exits from Dunzo. Co-founders Mukund Jha and Dalvir Suri, along with Akansha Kumari, Head of Product, have also left the company. Akansha Kumari has taken up a leadership role at Jupiter, a fintech startup.

Dunzo has raised approximately $500 million since its inception in 2015, with investments from major players such as Reliance, Google, Lightrock, Lightbox, Blume Ventures, and others. Reliance is the largest shareholder, holding a 25.8 percent stake in the company, followed by Google with around 19 percent ownership, according to Tracxn, a private markets data provider. Despite these investments, the company faces ongoing financial challenges and the need for immediate funding to sustain its operations.

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