Indian hyperlocal delivery startup Dunzo is in final stage discussions to secure about $50 million in a new funding round, two sources familiar with the matter told TechCrunch.
Dunzo’s existing backers Reliance Retail and Google are among those in talks to invest in the new round, said the sources, who asked to remain anonymous because the information is private. rice field. Funding considerations are currently proceeding primarily with existing backers, the sources said.
The startup has been on the market for funding for several months and was looking to raise at least $70 million and up to $150 million, according to Indian newspaper Economic Times.
Dunzo co-founder and CEO Kabeer Biswas declined to comment on Thursday. He reached out to Google and he to Reliance Retail for comment, but so far has not responded.
Dunzo, which competes with Swiggy’s Instamart, YC Continuity-backed Zepto, Tata-owned BigBasket and Zomato’s BlinkIt, is estimated to grow to more than $800 billion by 2025, according to brokerage estimates. We are trying to grab a piece of the Indian retail market. Bernstein Company.
Delivery start-ups are typically one of the most cash-consuming businesses, and it’s surprising how difficult it will be to raise new funding rounds amid a weakening global economy. there is no.
Karthik Gurumurthy, head of Swiggy’s Instamart business, said on Friday that he was stepping down. Building Instamart “was an uphill task with many compromises on physical and mental health,” he wrote in a LinkedIn post.
This is the dynamic that is unfolding globally. The European express delivery market has been consolidated into three companies. Instacart has lowered its internal valuation to his $10 billion from his $39 billion in March 2021.
I’ve updated the story with more Instamart details.
References: Reliance Geomart discontinues ‘Express’ delivery service (Economic Times)
