Internet technology provider Google has co-led the $28m first tranche of a series E round for India-based last-mile delivery service Dunzo at a $245m valuation, Entrackr has reported, citing a regulatory filing.
The first close was co-led by private equity platform LGT Lightstone which, together with Google, has supplied $15.7m of the capital. The remainder will be provided by Lightbox, 3L Capital, Moving Capital, Pivot Ventures and Bhoruka Finance Corporation in the coming weeks.
Dunzo operates an online platform that enables businesses to deliver items such as food, groceries or medicine to customers on demand.
The company has more than 75,000 retailers on the platform and has recently been beefing up a business-to-business offering that involves it taking on delivery for specific retail clients.
The series E round comes after Dunzo raised $45m in an October 2019 series D round led by Lightbox that included Google, Stic Ventures and 3L Capital at a reported valuation of $180m to $200m.
Dunzo had previously received $9.8m in funding from investors including Google, Blume Ventures, Patni Wealth Advisors and Alteria Capital in April 2019, following $3.2m from Blume Ventures two months earlier.
Google subsidiary Google Asia Pacific invested $10m to lead the company’s $12.5m series B round in 2017, taking a 33.8% stake in the process. The round included existing backers Aspada Investment Advisors and Blume Ventures and took Dunzo’s total funding to $14.4m.
