Amritsar, NFAPost: Hyperlocal delivery platform Duzno has raised around $28 million in its Series E round of funding led by Lightstone Fund S.A, and Google International LLC.
An amount of $15.65 million has already been infused by Lightstone and Google, and the remaining fund will come from five existing investors.
As per regulatory filing, Dunzo has allotted 10,310 Series E cumulative compulsory convertible preference shares (CCPS) to Google LLC and Lightstone at 113,811.63 rupees per share.
It also mentioned that the other five investors — Lightbox Ventures III, 3 L Capital I, LP, Pivot Ventures, Moving Capital Lp and Bhoruka Finance Corp — will together infuse another $12.34 million.
“…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 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. In light of this, we will not be able to comment further on this round,” a spokesperson from Dunzo said.
This fresh investment would help Dunzo to keep up in the race with competitors such as Zomato, Swiggy, BigBasket, and ShadowFax, among others.
Dunzo has also been investing in its B2B business, where it enables logistics for hyperlocal retailers, and is also experimenting with dark stores to help local retailers fulfil customer orders quickly.
The startup has around 75,000 stores on its platform and the number of deliveries have grown 2.5-3 times in the last one year.