[Funding alert] Dunzo raises total funding of $11M, led by Alteria Capital
, the Bengaluru-based hyperlocal delivery startup, has raised $11 million in total debt capital led by Alteria Capital. The startup said it would fuel its growth in profitable markets with this debt capital.
Kabeer Biswas, Co-Founder and CEO, Dunzo said: “From the early stages of Dunzo, we’ve always focused on building a sustainable business model. Profitability has always been the barometer of success and we’re seeing it manifest across several of our micro-markets. As we deploy this playbook into other cities, we’re extremely conscious of what our consumers want."
Founders of Dunzo- Kabeer, Mukund, Ankur, and Dalvir
"Our aim is to keep building exceptional customer experiences for our merchants, delivery partners, and users with the most efficient logistics solution in the world. In this journey, as markets turn profitable, we are able to fuel our growth with debt while having a significantly higher return on investment for customers and stakeholders," Kabeer said.
Founded in 2015 by Kabeer, Mukund Jha, Dalvir Suri, and Ankur Aggarwal, Dunzo does over two million transactions in a month, and has a retention rate of 80-85 percent. The number of tasks on the platform has shot up by 62 percent, the number of micro markets it serves is up by 8 percent, user base has increased by a whopping 90 percent, and merchants have grown by 19x.
Vinod Murali, Managing Partner, Alteria Capital said, “Kabeer and the team at Dunzo have ensured that the benchmark for hyperlocal services has been raised significantly. Customer love for Dunzo is extremely high evidenced through the growth and frequency of repeat users. While this segment is quite competitive, Dunzo is equipped to be a market leader in the medium term and we are very happy to double down on a high performing company in our portfolio."
(Edited by Teja Lele Desai)