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 giantâ€™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.
â€śAt 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,â€ť 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.