Dunzo is a Bengaluru-based hyper-local delivery platform that enabled users to connect to their nearest delivery partner. Recently, the start-up has announced to have raised INR 60 crore in its latest ongoing Series E financing round with participation from over 10 investors.
As mentioned in a report by Inc42, Dunzo has allocated 4,998 Compulsory Convertible Preference Shares (CCPS) as a part of its ongoing Series E funding round to over ten investors that participated in the company’s financing round at a face value of INR 55 and at a premium rate of INR 1,13,743.
Founded back in 2015 by Ankur Aggarwal, Mukund Jha, Dalvir Suri and Kabeer Biswas, Dunzo serves as a hyper-local delivery application offering services that include delivery of packages, medicines, food items, pet supplies and much more. Dunzo is well known to bridge vendors with users for the facilitation of seamless product delivery with on-demand delivery of non-essential products as well.
According to a report by Inc42, it is mentioned that Dunzo has allegedly received permissions from DGCA or Directorate General of Civil Aviation to introduce drone delivery for which they had allowed the company to experiment last year.
Dunzo is known to be operational in several Tier I and Tier II cities across India including Delhi, Gurugram, Noida, Mumbai Chennai, Pune and Hyderabad.
According to the company profile on Crunchbase, it is mentioned that Dunzo began its Series E financing round back in September 2020 and raised USD 28 million in the round led by Google and Lightrock. Following this round, the company also raised USD 3.7 million in its ongoing Series E financing round led by Alteria Capital. In January 2021, the company is known to raise USD 8.3 million in the same round led by Google in participation from 7 other investors.
Coming back to the company’s latest financing round, existing investors that participated in the round include NPTK Emerging Asia Fund I, Hana Financial Investment, Hans Tung, BHK Trading LLP, Chowdry Associates, Willet Advisors LLC’s Binu J George, Dharampal Satyapal and DS Spiceco Private Limited have invested huge sums of money close to INR 29 crore, according to a report by Inc42 in exchange of 2565 Series E Compulsory Convertible Preference Shares.
Dunzo is not the only hyper-local delivery platform in India, Flipkart and Swiggy have also entered the space and even fashion website- Myntra is getting its hands on this hyper-local delivery space in the Indian market.
Will Dunzo be able to stay at the top? Let us know in the comments below.