Mukund Jha, the co-founder and Chief Technology Officer (CTO) of the on-demand delivery platform, Dunzo, is believed to be on the verge of leaving the company. This speculation arises closely after Dalvir Suri, another co-founder, recently exited the struggling startup.
Jha, a vital member since 2015, has been notably transparent with the team during challenging phases, keeping them updated about postponed salaries and workforce reductions.
Although company insiders hint at Jha’s decreasing involvement in daily activities and anticipate an official announcement soon, Dunzo’s official spokesperson contests this claim. They emphasized, “Mukund remains an essential figure in our leadership ensemble. Even as we undergo organizational shifts, Mukund’s counsel in steering Dunzo’s path will remain pivotal.”
Recent reports by The Morning Context revealed Jha’s withdrawal from Dunzo’s board as of September 1. This follows the August exits of other board members, including Suri and prominent figures from Lightrock and Reliance Retail. At present, the board seats are retained only by CEO Biswas, Siddharth Talwar from Lightbox, and Hongjim Kim from STIC Investments.
It’s crucial to highlight that co-founders Jha, Suri, and Ankur Aggarwal didn’t hold any equity in Dunzo, receiving only salaries and ESOPs, which at times were delayed. In contrast, CEO Kabeer Biswas is the sole founder with a 3.6% stake.
Jha’s speculated departure unfolds during Dunzo’s drive to raise $25-30 million to maintain operations, with potential amplified investment from Reliance Retail. This comes as the company adopts stringent cost-cutting measures, including shutting several stores and laying off over 500 staff members.
Over the years, Jha consistently communicated pivotal decisions to Dunzo’s employees. He also recently shared that the delay in fundraising was a deliberate tactic to preserve its market valuation.
Dunzo’s funding journey, starting in 2015, has seen nearly $500 million in investments from giants like Reliance, Google, and others. Current data indicates Reliance as the primary stakeholder with 25.8%, closely followed by Google, which holds around 19% of the venture.
