iNDICA NEWS BUREAU-
Bengaluru-based hyperlocal service provider Dunzo has recently attracted fresh investments for $40mn from a clutch of American biggies like Google, Lightbox, Evolvence, Hana Financial Investment, LGT Lightstone Aspada, and Alteria, among others.
The focus of this fundraiser is to execute the company’s 2021 strategy and focus on its local commerce platform.
Kabeer Biswas, CEO and Co-founder, Dunzo, said in a press statement shared by the company, “Dunzo’s mission resonated stronger than ever in 2020. We have been amazed by everything merchants and users have started to depend on the platform for.”
He added, “We truly believe we are writing a playbook for how hyperlocal businesses can be built with sustainable unit economics and capital responsibility. As a team, we are more focused than ever to enable local merchants to get closer to their users and build one of the most loved consumer brands in the country.”
According to the press release, the team said that, it will focus on deploying its playbook for sustainable growth across its fastest-growing cities such as Mumbai, Chennai, and Pune.
With a gross merchandise value (GMV) growth of 2X over the past year, Dunzo is now about USD 100 million annualised GMV business, the statement said.
The growth in 2020 comes on the back of strong, organic user demand while maintaining gross margin profitability for the overall business, it added.
The company is more focused than ever to enable local merchants to get closer to their users and build one of the most loved consumer brands in the country, he added.
In the last six months, Dunzo supported over 300 neighborhoods across eight cities, delivering essential goods to users.
“As merchants go digital, Dunzo is helping small businesses in their digital transformation journey in support of business recovery,” said Caesar Sengupta, VP, Google in a press statement.
“Dunzo has been a pioneer in the hyperlocal delivery and eCommerce space. With the market potential and size of the urban convenience seekers increasing across Tier I and Tier II cities, Dunzo’s strong value proposition makes it a bold venture ripe for success. Its playbook on profitability has further instilled confidence in its ability to grow sustainably and we look forward to being a part of its story.” said an Evolvence spokesperson.
