Hyperlocal concierge app Dunzo is readying to fend off challengers consisting of Swiggy Stores, Grofers and BigBasket within the hyperlocal delivery space.
The Bengaluru-primarily based organization is near securing INR 80 Cr ($eleven.Five Mn) in a Series C investment spherical led with the aid of Google, Blume Ventures, Altera Capital, Greyhound, Beeline in this ongoing Series C spherical, a Ministry of Corporate Affairs submitting confirmed.
While Google is investing INR 34.5 Cr, Algeria is investing INR 7 Cr. Blume Ventures, Beeline and Greyhound are making an investment about INR 6.9 Cr every on this round.
According to the Ministry of Corporate Affairs filings, Dunzo Digital Pvt Ltd, the parent agency of Dunzo has issued 14,235 Series C CCPS really worth INR 75.34 Cr and 500 nonconvertible debentures well worth INR five Cr.
While Altria Capital picked up 500 debentures to difficulty assignment debt of INR five Cr, it also participated within the INR 75 Cr investment round with other buyers.
The agency has valued every percentage at INR 52,927.20, in line with its valuation file dated February 15, 2019.
The employer filings confirmed that the funds have been raised for the furtherance of the business and in accordance with the business plan that allows you to acquire the purposes which include putting in place of infrastructure and habitual operations and for the motive of product development of the organization.
Dunzo became founded in 2015 through Ankur Aggarwal, Dalvir Suri, Mukund Jha, and Kabeer Biswas, and is an AI-driven chat-based totally hyperlocal offerings app which allows users to create to-do lists and collaborate with partners (vendors) to get them carried out.
It leverages AI to provide carriers for transport of applications, buying products, repairing stuff, and domestic offerings. Users also can get their private duties completed through the app, which may consist of whatever from paying bills, getting car offerings, repairing things amongst many more.
As of October 2018, Dunzo claimed to have finished over 1 Mn transactions with a median of 30K transactions according to day especially from 4 towns — Gurugram, Hyderabad, Pune, and Chennai.
The employer closing raised $422K (INR three Cr) from MakeMyTrip founder Deep Kalra and $3.1 Mn (INR 22.Forty nine Cr) in its Series C investment round from a collection of famous traders.