Funding Alert

Dunzo in talks to raise $50M with Reliance Retail and Google as existing investors

• ByStartupStory     |    March 31, 2023

According to TechCrunch, Dunzo, a hyperlocal delivery startup, is currently in advanced talks to secure a new financing round of around $50 million, with participation from existing investors such as Reliance Retail and Google.

Dunzo, the hyperlocal delivery startup, has recently laid off 3% of its workforce after raising Rs 50 crore in debt from Blacksoil. The company also closed some of its dark stores across India to optimize costs. Similarly, Blinkit, Dunzo’s competitor, also announced plans to scale down some of its dark stores.

Swiggy’s Instamart business head, Karthik Gurumurthy, announced his resignation from the position, which will be effective from Friday. In a LinkedIn post, Gurumurthy mentioned that his involvement in the development of Instamart had been a challenging journey, leading to sacrifices to his overall physical and mental well-being.

For several months, Dunzo has been attempting to raise funds to secure a minimum of $70 million, with a possible maximum of $150 million, as per The Economic Times. As part of Google’s Next Billion Users initiative, the company made its first direct investment in an Indian startup by providing $12 million. Blume Ventures and Aspada Ventures, the company’s early investors, also participated in the round.

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