Bangalore Startup Dunzo Raises Funding
Bangalore-based startup Dunzo raised $45 million from Google, Lightbox Ventures, STIC Ventures, and 3L Capital in a new financing round. This round raised Series D, that valued the startup at around $200 million, as per people familiar with the movement. As of now, the startup has raised $81 million till date.
Dunzo, is a four-year-old startup that operates a hyperlocal delivery service. This allows users to get access to a wide range of items across several categories, inclusive of grocery, perishables, pet supplies, and medicines to dinner from the neighbourhood and restaurants.
Apart from that Dunzo delivers a pickup and deliver anything within the city. The founders of the startup boast of Dunzo’s delivery being fast, and doesn’t cost more than 70 bucks. At present, Dunzo is operating in Bangalore, Delhi, Noida, Pune, Gurugram, Powai, Hyderabad and Chennai. The startup plans to use the fresh capital to expand its technology infrastructure and develop partnerships with small and medium businesses to compete with major giants.
As per India is concerned, e-commerce accounts for less than 3 percent of all retail sales in India, as per industry estimates. It has become a major competitor to BigBasket, Swiggy, Zomato. Dunzo has also started to test the delivery of smartphones and other products.
However, Dunzo remains quite tiny as compared to its competitors. The startup processes around 2 million orders a month that has gone up from about 50,000 early last year. Talking of its competitors like Swiggy and Zomato, they process around 3 million orders a day, but they are hugely backed as well.
What is interesting is that a new startup has come all the way long to challenge the existing players in the market, and in a short span of time, it has kind of implemented a huge way to uplift our entrepreneurial spirits.