Reliance-backed quick commerce Dunzo has seen the departure of investor Lightbox from its board, which marks the departure of the third largest investor from the company’s board of directors.
Siddharth Talwar, Co-founder and Partner at Lightbox, represented the firm on Dunzo’s cap table till his departure from the venture capital firm in March 2024. The firm has not yet appointed anyone to replace him.
While, Talwar left the VC firm and the board in March this year, the information has came to light only now.
Venture capital firm Lightbox, which has a 11.1 per cent share, will be the third investor exiting from Dunzo, after Reliance Retail and Google, which left Dunzo’s board last year.
Over the span of August to October of the previous year, representatives from Reliance Retail and Lightrock resigned from their board positions
Only two induviduals
As of now, only two individuals, Kabeer Biswas, the cofounder and CEO of Dunzo, and Hongjim Kim from STIC Investments, retain their positions on the Dunzo board.
Reliance Retail, which owns 25.8 per cent, and Google India, which holds 19.3 per cent share, have seen Ashwin Khasgiwala and Rajendra Kamath of Reliance Retail move out of Dunzo’s board in August 2023.
Recently, co-founders Dalvir Suri and Mukund Jha quit from the board and the company, businessline had reported earlier.
Founded in 2014 by Kabeer Biswas, Suri, Mukund Jha, and Ankur Aggarwal, Dunzo connects consumers with nearby stores and facilitates deliveries of products including groceries, medicines, and food, among other daily needs.
The company has raised nearly $449 million across multiple rounds in equity. It was valued at $744 million during its last round of funding in April 2023, according to Tracxn. The company has also delayed payment of salaries to employees and has undertaken major resizing measures to reduce costs over the last year.