Reliance-Retail backed Dunzo likely to raise up to $100 million via convertible notes
- ByStartupStory | January 6, 2023
Hyperlocal delivery startup Dunzo is likely to raise $70 million to $100 million (up to Rs 825 crore) through convertible notes to scale its quick commerce vertical Dunzo Daily, according to Economic Times report.
The Bengaluru-based business is still negotiating with a few other partners to expand the fundraising round. With a stake of over 26%, Reliance Retail is the single-largest investor in Dunzo and is most likely to write a little check. The fundraising round may potentially include investors like Abu Dhabi Investment Authority, according to the article.
The company raised Rs 50 crore ($6.2 million) in debentures from Blacksoil India one month prior to this occurrence.
According to the article, the business initially sought to raise at least $150 million by selling a stake but ultimately chose convertible notes to support value in a challenging funding market.
In January of last year, Reliance Retail made an investment of about $240 million, giving the e-grocery company a $775 million valuation.
In three years, according to Dunzo’s co-founder and CEO Kabeer Biswas, the business plans to go public.
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