The Bengaluru-based delivery startup Dunzo (1) has secured 28 Million USD in a Series E round of funding. The global tech giant Google and an investment firm Lightstone led the latest funding round of Dunzo. The company’s existing investors Lightbox, 3 L Capital, Pivot Ventures, Moving Capital, and Bhoruka Finance Corporation, have also joined the funding round.
As per the Ministry of Corporate Affairs’ fillings, the startup has allotted 10,310 Series E Cumulative Convertible Preference Share (CCPS) to Google LLC and Lightstone at 1,13,811.63 INR per share, accumulating to 117.5 Crore INR. Other existing investors have collectively poured 90 Crore INR.
Earlier, Dunzo had raised 45 Million USD funding from Google, Lightbox Ventures, STIC Ventures, STIC Investment, and 3L Capital in Series D funding round. The previous funds were utilized to expand its technology, infrastructure, and partner small and medium enterprises. Since 2017, Google has been investing in Dunzo.
Dunzo to Uptake Deliveries with Drones
Dunzo was founded by Dalvir Suri, Kabeer Biswas, Mukund Jha, and Ankur Aggarwal in 2015. The startup connects users with vendors that are regular grocery shops to expedite the delivery of products.
Also, the entity does door-to-door courier services and on-demand deliveries of non-essential things. It may take a step further with its offering with drone delivery. The proposal is ready to go for trials with the management consulting firm Alternative Global India (AGI).
At present, Dunzo is running in Bengaluru, Chennai, Delhi, Noida, Pune, Hyderabad Gurugram, and Powai. The entity had claimed that it has a repeat user rate of 80% previously. It added that it has a transaction recurrence of five orders per month per user.
Dunzo aims to be profitable on a micro-level since the previous fiscal year. The entity has not released its financial report for FY 2020. During the last fiscal year, the company has turned profitable in only some cities. However, overall, Dunzo posted a loss of 168.9 Crore INR. Simultaneously, its revenue grew 3.5x, reaching 3.5 Crore INR in 2019 from 77 Lakh INR in 2018.
Author: Rucha Joshi
Source : https://timesnext.com/dunzo-secures-28-million-usd-from-google-lightstone-and-others/
Date : 2020-09-01T12:40:43.000Z