Troubled quick commerce company Dunzo, in desperate need of cash, is in talks for a funding deal with its investors. But with that comes a possible valuation cut of 50%, and some shareholders are not on board. This scuffle and more in today’s ETtech Morning Dispatch.
The Tamil Nadu Urimai Kural Driver Trader Union, a group representing 2,250 drivers in the southern state, filed a petition on July 16 to join the case, arguing that any decision that asks the drivers to apply for and get a commercial endorsement from the regional transport offices would “render such cab drivers unworkable and inoperative”.
While larger players are conserving resources and maintaining a cautious approach to hiring due to macroeconomic uncertainties, midcaps are focusing on bringing in more freshers to balance out employee costs.
Reliance Retail, the largest investor with 26% stake in Dunzo, is averse to the idea of slashing the valuation of the startup by nearly 50% in a fresh funding deal being stitched together by a set of existing investors.
The broader market was already in a bear phase, but Bitcoin faced an 8% plunge on August 18 as Elon Musk's SpaceX reportedly divested its Bitcoin holdings, akin to Tesla.
In a letter to the the ministry of electronics and information technology said that since government norms on software and service procurement do not consider the nature of how software and related services are developed, it deprives them of the “reasonable opportunity” to compete for state-run projects and procurement.
The service, which allows clients to pay bills in major foreign currencies, will launch first in Mexico, where Clara was founded, the company told Reuters in a statement on Monday.