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.
- Google Announces Rs 75,000 Crore Digitisation Fund For India
- Google To Invest Rs 33,737 Crore In Jio Platforms For 7.73% Stake
- Google invests in Indian startups Glance and DailyHunt (TechCrunch)