Dunzo secures $40M in funding from Google, Lightbox & other investors

Date: 2021-01-20   Author: Pankaj Singh  Category: #news

Dunzo secures $40M in funding from Google, Lightbox & other investors

Dunzo, an Indian delivery service provider, has recently raised a fresh funding round worth $40 million (?292.7 crore) led by Google and Lightbox, among other investors.

As per authentic sources, the recent funding saw participation from existing as well as new investors such as Alteria, LGT Lightstone Aspada, Hana Financial Investment, and Evolvence. The capital stems mainly from robust e-Commerce industry growth amid the COVID-19 pandemic. Moreover, the Indian commerce platform is planning to deploy the funds to ensure sustainable growth across Pune, Chennai, Mumbai, and other rapidly expanding cities in the upcoming years.

For the record, Dunzo recorded GMV (gross merchandise value) growth of 2x in the past year and currently holds an annualized GMV business worth $100 million. The commendable growth of the company in 2020 can be credited to the strong and organic service demand from the users as well as its capability to maintain gross margin profitability across its overall business.

According to Kabeer Biswas, CEO & Co-founder of Dunzo Digital, the company’s target to ensure significant growth had been aided by the increased reliance of merchants and users on its platform in 2020. It holds a high belief that the hyperlocal businesses can be developed by leveraging sustainable unit economics & capital responsibility. He further cited that the team at Dunzo is focusing on strengthening the relationship between users and merchants, to build a trusted consumer brand in India.

Over the past 6 months, the delivery service company has catered to the needs of around 300 neighborhoods in 8 cities by delivering essential goods. The company provides a full-stack of services across commute (taxi, bike), courier (drop and pick up), and commerce (health & wellness, pet suppliers, and consumables). It is supported by companies such as Hana Financial Investment, Evolvence, Moving Capital, 3L, STIC, LGT Lightstone Aspada, Blume Ventures, Lightbox, and Google, with debts from Alteria Capital.

Source credit:

https://www.moneycontrol.com/news/business/dunzo-raises-40-million-in-funding-from-google-lightbox-and-others-6364641.html



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Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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