Dunzo co-founder Kabeer Biswas has informally agreed to join Flipkart to head its quick-commerce vertical Minutes, according to sources aware of the matter. However, Biswas, who holds a 3.39% stake in Dunzo, remains tied to the company he founded in 2014 by necessity, as corporate law requires a minimum of two directors, preventing his departure until either a sale is completed or the company is liquidated. His appointment at Flipkart Minutes is subject to Dunzo’s board formally approving the plan to sell, and him producing this approval to Flipkart, they added.
The decision to rope in Biswas comes months after Google participated in Flipkart’s $950 million fundraise by pumping in $350 million into the company, at a valuation of $36 billion, giving it around 1% stake in the company, according to Tracxn. Dunzo was Google’s first direct startup investment in India, when it led a $12.3 million Series B round in 2017, for a 19.3% stake.The tech giant, now a common investor in both Dunzo and Flipkart, is seen as a key facilitator in these latest talks.
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Biswas is expected to work closely with Hemant Badri, senior vice president (SVP) at Flipkart, who was given additional charge of Flipkart Minutes last year. The Walmart-owned company has recently been ramping up its quick-commerce play, offering heavy duty SKUs like laptops, mobiles, television and other categories in under 30 minutes in select cities. The firm has partnered with startups like Zippee, a dark store warehouse tech player, to run and operate these dark stores which are connected to Flipkart’s mother warehouses.
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