India-based local delivery service Dunzo has secured $40m in a series E round that included internet technology provider Google, YourStory reported yesterday.
The round also featured LGT Lightstone Aspada, Lightbox, Evolvence, Hana Financial Investment, Alteria and undisclosed others.
Google and LGT Lightstone led the round’s $28m first close in September 2020, investing with Lightbox, 3L Capital, Moving Capital, Pivot Ventures and Bhoruka Finance Corporation.
Founded in 2015, Dunzo provides an online courier service that allows customers to order goods from local convenience stores known as kiranas, as well as butchers, pharmacies and other retail outlets.
The round increased the company’s total financing to $121m, according to TechCrunch, with Blume Ventures, Aspada and undisclosed angel investors having provided its early funding.
Google subsidiary Google Asia Pacific acquired a 33.8% stake in Dunzo in 2017 when it contributed $10m to a $12.5m series B round for the company that also featured Aspada and Blume Ventures.
Blume Ventures provided $3.2m of funding for Dunzo in February 2019, before joining Google, Patni Wealth Advisors and Alteria Capital in a $9.8m round two months later. Lightbox led its $45m series D in October 2019, participating alongside Google, Stic Ventures and 3L Capital.
LGT Lightstone, a growth equity subsidiary of asset manager LGT Group, acquired impact investment fund and existing Dunzo backer Aspada in August 2019 to form LGT Lightstone Aspada.