Backed by Google, Dunzo raised USD 45M to expand its Hyperlocal Delivery Startup in India
An Indian startup that is increasingly posing a threat to established food and grocery delivery businesses and e-commerce giants just closed a new financing round to expand its business in the nation.
Bangalore-based Dunzo said today it has raised USD 45 million from Google, Lightbox Ventures, STIC Investment and STIC Ventures, and 3L Capital
in a new financing round. The round, dubbed Series D, valued the startup at about USD 200 million.
Dunzo a four-year-old startup, operates an eponymous hyper-local delivery service. Users get access to a wide-range of items across several categories including grocery, perishables, pet supplies, medicines to dinner from their neighborhood stores and restaurants.
But that’s not all. You can have Dunzo pick up and deliver anything within a city. Forgot your laptop charger at home? Dunzo will bring it to your office. Part of the service’s charm is that its delivery is fast (most of its deliveries take under 25 minutes) and as long as the store is not very far away, it’s not going to cost you more than a USD 1.
Dunzo is currently operational in eight Indian cities: Bangalore, Delhi, Noida, Pune, Gurgaon, Powai, Hyderabad, and Chennai. The startup said it will use the fresh capital to expand its technology infrastructure and develop partnerships with small and medium businesses to “give them a fighting chance” to compete with major giants.
“We are on course to building the largest commerce platform in the country with the most efficient logistics solution for each city,” said Kabeer Biswas, co-founder and CEO of Dunzo, said.