Bangalore headquartered on-demand task management startup Dunzo is said to be in the process of raising a fresh funding of around $25 million. Google, one of the existing investors in Dunzo is expected to again pitch in with its contribution and the other investors including Blume Ventures and Aspada Investment Advisors are also likely to pick up a proportionate tab, as per an Economic Times report.
Google’s investment in this round could be around $10 million on top of the $12 million exposure it already has in the startup. It is also being reported that with the current funding round, the startup’s value will reach $100 million. There is no confirmation on any new investor joining this round. And none of these have been officially confirmed by Dunzo or the investors named. The amount being raised may even go up to $50 million and may happen in the first quarter of 2019. Again, these are reported based on anonymous sources.
In December 2017, Google led a $10-12 million round in Dunzo, which was Google’s first direct investment in an Indian startup.
Dunzo was founded in Bengaluru in 2015 by Ankur Aggarwal, Dalvir Suri, Mukund Jha and Kabeer Biswas, initially launched on WhatsApp as a service running errands for users.
From Dunzo’s perspective the startup has set a scorching pace in business growth expanding geographically to Pune and Gurugram and claims it plans to reach the figure of 1 million in terms of the transactions carried out on its platform before the year is out and 20 million by 2020, a very ambitious target by any reckoning.
Most recently, Dunzo forayed into Chennai, making it the fourth city it entered after it launched operations in Delhi and Hyderabad earlier in October. It launched operations in Pune last year.
Dunzo’s plans look quite attractive and hopefully it is able to raise the funds it seeks and with backing of giants like Google, the startup it should have no difficulty in reaching those milestones.