Hyperlocal services corporation Dunzo is reportedly in talks to elevate $50 Mn investment from Mumbai-based challenge capital firm Lightbox Ventures. The deal is close to being finalized within the coming one or two months.
Commenting on this, Dunzo advised Inc42, “We would really like to maintain our communique around our product and what we’re doing to make the whole thing in our cities more reachable for all of us, and now not comment on this for now.”
Last month, Dunzo had raised $eleven.5 Mn funding as part of its ongoing Series C funding spherical led via Google, Blume Ventures, Altera Capital, Greyhound, Beeline.
The Bengaluru-based organization was founded by Ankur Aggarwal, Dalvir Suri, Mukund Jha, and Kabeer Biswas in 2015. Espada Investments-backed Dunzo is an AI chat-based hyperlocal app via which customers can create to-do lists and collaborate with companies.
The customers can avail services inclusive of transport of programs, shopping for products, repairing stuff, and domestic services. Further, the app also can be used to do non-public duties, including paying payments, vehicle offerings, repairing appliances, among others.
Dunzo claimed to have facilitated over 1 Mn transactions with a day by day average of 30K transactions until October 2018. The corporation had raised $422K (INR three Cr) from MakeMyTrip’s Deep Kalra and $three.1 Mn (INR 22.49 Cr) Series C funding spherical from a collection of prolific buyers in February 2019.
India’s hyperlocal marketplace is anticipated to attain over $317.4 Mn (INR 2,306 Cr) by way of 2020. Other splendid hyperlocal delivery players within the space include Swiggy Stores, Alibaba-subsidized Bigbasket, and Softbank’s portfolio Grofers. Further, non-public assistant bot startups, including Reliance-acquired Haptik, Hike’s Natasha, and HelpChat, also work inside the hyperlocal offerings space.
“Dunzo has a distinct shape, and Lightbox likes these platform companies to invest in, which is driving conversations,” a source advised LiveMint.
“These corporations can take in any tiers of capital, and boom can be adjusted thus. Dunzo appears to have found out its unit economics, how companions must be incentivized to carry out at good enough stages, and are dealing with consumer acquisition price at a low degree,” he brought.
Inc42 Media question sent to LightBox Ventures did not elicit a response until the time of the booklet.
Lightbox Ventures is a patron tech-focused challenge capital firm founded in 2014. The VC company has introduced its $2 hundred Mn 0.33 fund in 2018, of which it recently invested $4Mn in a fintech startup NUA.
Lightbox’s portfolio includes online food shipping startup Faasos, automobile marketplace Droom, online journey aggregator Cleartrip, fixtures apartment startup Furlenco, cellular ad tech startup InMobi, and GPS navigation company MapMyIndia, among others.
The fund noticed a success; a large go out from edtech startup Embibe. At the same time, Reliance Industries invested $a hundred and eighty Mn inside the organization, buying out seventy-two. 69% stake of traders, inclusive of Lightbox.
