wordpress blog stats
Connect with us

Hi, what are you looking for?

Dunzo raises $40 million from Google, Lightbox and others

Dunzo delivery person
Credit: Aroon Deep

Hyperlocal e-commerce company Dunzo has raised $40 million from new and existing investors including Google, Lightbox, Evolvence, Hana Financial Investment, LGT Lightstone Aspada, and Alteria among others. It will use the funds to aid growth in cities like Mumbai, Chennai, and Pune.

The company said it saw a 2X growth in its gross merchandise value (GMV) in 2020, making it a ~$100 million annualised GMV business. “The growth in 2020 comes on the back of strong, organic user demand while maintaining Gross Margin Profitability for the overall business,” the company said in a statement.

Dunzo allows users to purchase a wide range of items including groceries, medicines, to even food from nearby stores. The company claimed that in the last six months, it delivered goods to over 300 neighbour-hoods across 8 cities and delivered essential goods to users within 29 minutes on average.

In July 2020, Google announced its ‘Google for India Digitisation Fund’, through which it would invest ₹75,000 crore (US$10 billion)over five to seven years. Days after announcing the fund, it invested ₹33,737 crore (US$4.5 billion) in Reliance Industries’ Jio Platforms.

Recently, it invested in two Indian startups — content platform Glance and news platform DailyHunt. While Glance raised $145 million, DailyHunt raised over $100 million. Google led both funding rounds. The tech giant is also looking to invest more than $100 million in Bangalore-based short video app ShareChat, TechCrunch had earlier reported.

Also read

You May Also Like

News

The UK government launched an investigation into Apple’s and Google’s mobile ecosystems over “concerns they have market power which is harming users and other businesses,”...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ