India-based on-demand goods delivery service Dunzo has closed a $45m financing round backed by internet technology provider Google, Times of India (TOI) reported on Friday.
The round, described by local media as a series D, was led by venture capital firm Lightbox and included investment firm Stic Ventures and growth equity firm 3L Capital. It valued Dunzo at $180m to $200m and could increase by a further $10m for a final close of about $55m, sources close to the matter told TOI.
Founded in 2015, Dunzo has developed a mobile app that enables customers in several Indian cities to have goods delivered within hours from a range of local businesses offering items such as medicines, groceries and pet supplies.
The company also offers peer-to-peer package delivery for offices and households, and operates bicycle-powered taxis for passenger hire in certain markets. It will use the proceeds to expand through measures including new partnerships in the industries with which it already works.
The latest round follows $4.8m raised last month that consisted of $2m of series C1 equity funding from unnamed backers and $2.8m in loans from venture debt firm Alteria Capital. Pooled investment vehicle DU Fund I had provided $430,000 of series C funding in June 2019, according to media reports.
Google invested about $5m in Dunzo as part of $9.8m it secured in April 2019, with Blume Ventures, Patni Wealth Advisors, Alteria Capital and unnamed additional investors also committing cash.
Blume Ventures, Raintree Family Office and private investors Lakshmi Narayanan and Monika Garware Modi had supplied $3.2m of series C funding for the company two months before.
Google had led Dunzo’s $12.5m series B round in late 2017, investing $10m through its Google Asia Pacific subsidiary, while Aspada Investment Advisors and Blume Ventures also took part, adding to $1.9m from the latter two and unnamed angel investors across two rounds in 2016.