Reliance Retail has written off its US$200 million investment in Dunzo, with executives resigning and no further investments planned.

Dunzo’s CEO Kabeer Biswas is negotiating a potential acquisition as the company’s valuation has dropped from US$770 million in 2022 to 300 crore rupees (around US$34.9 million).

Struggling to scale against competitors like Zepto and Swiggy Instamart, Dunzo has exited some markets and now focuses on connecting local retailers with online consumers.

Financial woes persist, with losses tripling to 1,801 crore rupees (around US$209 million) in FY23 from 464 crore rupees (around US$54.1 million) the year before, while debts reportedly around 80 crore rupees (around US$9.3 million) remain unresolved.