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Mukund Jha, Co-founder and Chief Technology Officer (CTO) of Reliance Retail-backed Dunzo, has exited the cash-strapped startup at a time when it is attempting to raise capital to keep the engine running, according to a report by Moneycontrol.

Jha stepped back from daily operations and a formal announcement of his exit is likely to come in the next few weeks, as per the report.

“Mukund remains an integral part of Dunzo’s leadership team. While we are restructuring the org with new leaders driving key mandates, Mukund will continue to be an important part of the strategic leadership team guiding and directing Dunzo’s future roadmap,” a Dunzo spokesperson said in response to YourStory‘s query.

The development comes shortly after co-founder Dalvir Suri moved out of Dunzo after a six-year stint.

“Everyone of you has surely been touched by Dalvir’s ‘let’s do it attitude’. I / We will miss him a lot,” Biswas told employees in an email on Monday.

Co-founders Mukund Jha, Dalvir Suri, and Ankur Aggarwal have no equity in the Reliance Retail-backed company. CEO Kabeer Biswas owns 3.57% of the Bengaluru-based firm, as per data from Tracxn.

Things have been tough for Dunzo lately. A liquidity crisis has led to workforce trimming, salary delays, halt in operations, and restructuring of business models over the last few months.

As per multiple media reports, the Kabeer Biswas-led startup is in the process of raising $25-$35 million from existing investors.