Dunzo lands $40 million in funding from new and existing investorsHyperlocal delivery startup Dunzo has raised $40 million in Series E funding from new and existing investors including Google, Lightbox, Evolvence, Hana Financial Investment, LGT Lightstone Aspada, and Alteria among others.

The company said it plans to focus on sustainable growth across its fastest-growing cities such as Mumbai, Chennai, and Pune in the coming year.

Dunzo said it witnessed strong organic user demand in the pandemic-hit 2020 and is now approximately a $100 million business in annualised gross merchandise value (GMV), a two-fold increase over the past year.

“As a team, we are more focused than ever to enable local merchants to get closer to their users and build one of the most loved consumer brands in the country,” said Dunzo cofounder and chief executive Kabeer Biswas.

The Bengaluru-based startup said it has supported over 300 neighbourhoods across eight cities in the past six months, delivering essential goods to users within 29 minutes on average.

“As merchants go digital, Dunzo is helping small businesses in their digital transformation journey in support of business recovery,” said Caesar Sengupta, vice-president, Google. “Through our India Digitization Fund, we’re committed to partnering with India’s innovative startups to build a truly inclusive digital economy that will benefit everyone.”

This financing comes at a time when the hyper-local delivery sector is heating up with the recent entry of Flipkart and heightened focus from existing players like Amazon and Swiggy in the segment, with more consumers preferring doorstep deliveries due to the virus outbreak.

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