Cash-strapped Dunzo's losses widened to ₹1,802 crore in the financial year 2023. This was 288% more than the loss of ₹464 crore the company posted in the year-ago period. However, the beleaguered hyperlocal delivery player's expenses surged nearly four times during the period. The company spend ₹2,054 crore in FY23, a sharp surge from ₹532 crore in the year ago period.
Of the total spends, the Reliance Retail backed company spent ₹310 crore on advertisements in the financial year 2023, up from ₹64 crore in the year ago. This comes to an average of 80 lakh daily in financial year 2023. The company marketed its services during the Indian Premier League earlier this year, which drove the expenses higher.
Dunzo’s revenues rose to
₹227 crore, up from ₹54 crore in the previous year. During the year, the company's employee benefit expenses climbed to
₹338 crore in the fiscal, 144% higher than
₹138 crore in FY22.
The company is looking to raise funds, lining up $25-30 million.
Dunzo has so far raised close to $500 million since 2015 from Reliance, Google, Lightrock, Lightbox, Blume Ventures, and several others. Reliance is the largest shareholder with a 25.8 percent stake in the company, and Google was the second-largest with around 19 percent ownership in Dunzo, according to Tracxn, a private markets data provider.
