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Reliance Retail-backed quick commerce and on-demand delivery platform Dunzo has seen the departure of investor Lightbox from its board, according to reports. This marks the departure of the third largest investor from the company’s board of directors.

Venture capital firm Lightbox, which has a 11.1% share in the company, will be the third investor exit from Dunzo, after Reliance Retail and Google, which left Dunzo’s board last year.

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.

Moneycontrol was the first to report the development. Lightbox declined to comment on the same.

At present, Reliance Retail holds a 27.6% stake in the company, followed by Google at 19.3%, according to data sourced from market research platform, Tracxn. Currently, the only members on the company’s board are Kabir Biswas, Dunzo’s Founder and CEO, and Hong Jin Kim, Managing Director of STIC Investments, according to Tracxn. 

Ashwin Khasgiwala and Rajendra Kamath of Reliance Retail moved out of Dunzo’s board in August 2023. Vaidehi Ravindran, representing Lightrock on Dunzo’s board, followed suit, according to reports. Dunzo also saw the departure of co-founders Dalvir Suri and Mukund Jha from the board and the company around the same time. 

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Dunzo’s unravelling: A timeline of events

One of the earliest companies to tap into the hyperlocal delivery and quick commerce model, Dunzo has been struggling to raise a follow-on round of funding. According to recent filings by the company with the Ministry of Corporate Affairs, it has delayed payment of over Rs 40 crore to over 100 vendors, including related entities citing insufficient funds. 

Founded in 2014, 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.