The improvised version of a WhatsApp group instantly became a talk among the investor circle and Mukesh Ambani was tempted to invest more than Rs 1600 crore.
Mukesh Ambani is the richest man in India with a net worth of Rs 973215 crore. He is spearheading India’s most valuable company Reliance Industries which currently has a market cap of Rs 2013000 crore. Mukesh Ambani is involved in a wide range of business through subsidiaries of Reliance. He is also an active investor with a significant share in several top startups. One of the interesting companies that got Mukesh Ambani’s attention started out as a WhatsApp group and is now believed to be worth Rs 6400 crore. Founded by Kabeer Biswas in 2014, the company we are talking about is instant delivery app Dunzo which is currently in major crisis. The improvised version of a WhatsApp group instantly became a talk among the investor circle and Mukesh Ambani was tempted to invest more than Rs 1600 crore. Although Kabeer Biswas isn’t the only founder of Dunzo but he was the mastermind behind the idea of starting a business from a WhatsApp group.
Kabeer Biswas teamed up with Ankur Agarwal, Dalvir Suri, and Mukund Jha to start Dunzo when he came to Bengaluru for the transition of first startup Hoppr. Kabeer’s first company Hoppr was acquired by Hike, giving him a push to pursue his entrepreneurial journey. Kabeer Biswas is a computer science engineer who explored his interest by working in a plastic factory in Silvassa before he decided to pursue MBA. After getting some business skills, he polished them at sales and customer service at Airtel.
Initially the Dunzo used to deliver groceries, essential supplies and other commodities even before Blinkit and Swiggy Instamart. The company started out as a WhatsApp group where customers used to post their orders. With continuous growth and investment, a proper Dunzo app was formed and the company expanded to more cities. Soon, the startup got interest from Mukesh Ambani and his company Reliance Retail ended up investing USD 200 million (Rs 1600 crore). The investment took the valuation of Dunzo to over USD 775 million (over Rs 6400 crore), according to The Times of India.
Dunzo has delayed their employee’s salaries multiple times over the past year. It has posted a loss of Rs 1,800 crore in FY23, a 288 per cent increase from the previous year. The company has also been hit by the departure of several top-level executives, including co-founders and its finance head.
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