On-demand concierge services startup Dunzo has raised $3.1 million (Rs 22.49 crore) in Series C round of funding led by Lakshmi Narayanan, Cognizant’s co-founder and former CEO, along with Blume Ventures, Raintree Family Office (family office of the stationary giant Camlin), and Monika Garware Modi, vice chair person and joint MD at polyester film manufacturing company Garware Polyester.
Dunzo issued 4,251 Series C compulsorily convertible cumulative
preference shares at a premium of Rs 52,872 each for the current round,
according to the regulatory filings sourced by business signals platform
According to the filings, Narayan contributed with maximum amount of Rs 7 crore followed by Rs 6.9 crore invested by Blume, Rs 5 crore by Raintree and Rs 3.49 crore by Modi.
In December 2017, Google picked up a minority stake in Dunzo for an undisclosed amount and that was Global search engine giant’s first direct investment in an Indian startup. Earlier in November 2016, Dunzo has secured $1.18 million in its Series A funding from Aspada Investment Advisors.
So far, Dunzo has raised a total of about $18.2 million in funding over five rounds including this one.
Started out as a small WhatsApp group, and transformed into a hyperlocal, app-based service, Dunzo is headquartered in Bangalore and currently providing delivery services in Bengaluru, Delhi, Gurgaon, Pune, Chennai and Hyderabad.
About Cognizant co-founder Narayan, he had invested in startups including furniture startup Furlenco, sales enablement startup Paperflite and Smaaash, a virtual sports and entertainment startup backed by Sachin Tendulkar.
Recently, Food delivery startup Swiggy, which recently raised $1 billion, has confirmed that it will foray into hyperlocal deliveries through its new service ‘Swiggy Stores’.
Swiggy is already piloting the initiative in Gurgaon and for same it has tied up with 3,500 local stores and merchants such as Ferns N Petals, Le Marche, Needs Supermarket, Licious, Zappfresh, TheMomsCo, Apollo, and Guardian Pharmacy.
Source – Financial Express
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