For A Whopping $40 Million Cheque, Google, Lightspeed Reinforce Their Faith In Dunzo By CIOReviewIndia Team

For A Whopping $40 Million Cheque, Google, Lightspeed Reinforce Their Faith In Dunzo

CIOReviewIndia Team | Tuesday, 19 January 2021, 09:06 IST

The local commerce and delivery startup, Dunzo raised $40 million from its existing investors – Google, Lightspeed India and Evolvence, Hana Financial Investment, LGT Lightstone Aspada, Alteria Capital, and others.

Dunzo raised previously $11 million in venture debt funding from Alteria Capital in February 2020.

Dunzo’s latest funding arrives at a time when stories of the startup have scripted a remarkable turnaround have been doing the rounds.

As per Entrackr report, Dunzo’s revenue went up by 35 times in FY20 to INR 359.5 crore, while losing ballooned to INR 330.8 crore.

Even the rising losses, it is a massive comeback from FY19, when it had registered a loss of INR 168.9 crores for a wafer-thin revenue of INR 76.59 lakh.

Dunzo said that its gross merchandise volume is now double that of the previous year and stands at $100 million.

Kabeer Biswas, the CEO and Cofounder of Dunzo, said, “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. We truly believe we are writing a playbook for how hyperlocal businesses can be built with sustainable unit economics and capital responsibility.”