The Bengaluru-based firm has reportedly been valued at around $245 million in the fresh round of funding.

Dunzo app
Atom Funding Wednesday, September 02, 2020 - 17:56

Logistics startup Dunzo has raised $28 million in an ongoing Series E funding round led by Google and Lightstone Fund. The company had raised $45 million in a Series D round in October 2019. 

Regulatory filings reportedly showed that Dunzo has issued compulsorily convertible preference shares (CCPS) to Google and Lightstone with each share carrying a face value of Rs 55 with a premium of Rs 1.13 lakh. 

Both Google and Lightstone received 5,155 shares each for a combined value of $15.8 million.

Regulatory filings further show that Google and Lightstone have already invested $15.65 million, and the remaining amount would come from five existing investors.

The other investors in the latest round of funding include Lightbox, 3 L Capital, Moving Capital, Pivot Ventures, and Bhoruka Finance Corporation. 

Google is an existing investor in Dunzo and it represented the search giant’s first direct investment into an Indian startup in 2017. 

As per estimates, the Bengaluru-based firm has been valued at around $245 million in the fresh round of funding.

This round comes at a time when the hyperlocal delivery space is seeing increased traction with the likes of Swiggy launching 45-minute grocery delivery via Instamart. 

“At Dunzo, our mission is to make our cities more accessible and to do so, we have to empower local businesses with the necessary e-commerce capabilities to master the changing marketplace. We at Dunzo have constantly wanted to steer the narrative and conversation in the ecosystem to a better product, user experience, and what makes a dent in the business. It is our humble contribution towards creating a thriving ecosystem for India that impacts users, merchants, and delivery partners,” the company said in a statement. 

Dunzo was founded in 2015 by Kabeer Biswas and has a robust presence in eight cities viz. Bengaluru, Chennai, Mumbai, Delhi, Hyderabad, Gurugram, Pune, and Jaipur. 

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