Bengaluru-based homegrown hyperlocal delivery startup Dunzo has raised $40 million (about 292.7 crores) in its fresh funding round.
Okay, so before we move on with the next line, let us give you clarity about fresh funding.
What is Fresh funding & its role?
It is basically a funding partner you can rely on. It provides quick access to working capital for small & medium-sized businesses nationwide.
Their goal is to help businesses succeed in their sector. With approvals within 2-4 hours and funding on the same day, Fresh funding helps boost businesses to sustain and grow in the market. Their funding solutions range from $20,000 to $350,000
E funding participants
The Series E funding saw participation from renowned companies like Google, Lightbox, Evolvence, LGT Lightstone Aspada, Hara financial investment, and Alteria, among others.
Summary
To be precise, Dunzo, a local commerce platform, on Tuesday said it had raised USD 40 million in capital from a clutch of investors like Google and Lightbox among others.
This capital stems from a year of robust growth amidst the pandemic. The team added that, in the coming year, Dunzo will focus on deploying its playbook for sustainable growth across its fastest-growing cities like Mumbai, Chennai, and Pune.
It has shown a GMV (Gross Merchandise Value) growth of 2 times over the past year and has an annualized GMV of $100 million.
This fundraiser’s focus is to execute the company’s 2021 strategy and focus on its local commerce platform.
What is Dunzo?
It operates a hyper-local delivery service in Indian cities including Bangalore, Chennai, Hyderabad, Delhi, Noida, Pune, Powai, and Gurgaon. Users can access a wide range of items across multiple categories, from grocery, medicines, to dinner from their local stores and restaurants.
According to industry estimates, e-commerce accounts for less than 3% of all retail sales in India.
Dunzo is reimagining how delivery and e-commerce could be done in India, thereby imposing a challenge to the giant e-commerce companies like Amazon and Walmart-owned Flipkart and local food and grocery delivery startups Swiggy, Zomato, Grofers, and BigBasket. Most people use Dunzo to pick up and move items like laptops, wallets, or lunch boxes from one point in the city to another.
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Add-on services of our Dunzo clone app considering the current pandemic condition
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