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    Indian startup Dunzo reportedly nears $50 million fresh funding round

    Dunzo was founded in 2015 and has its headquarters in Bangalore.

     

    Indian hyperlocal delivery startup Dunzo is nearing fresh funding of $50 million, according to a report by TechCrunch. Despite the funding winter for the startups, discussions about fresh capital are currently ongoing with the existing investors.

    The media report, citing anonymous sources, added that Dunzo’s existing backers India’s Reliance Retail and American tech major Google are reportedly in talks to invest in the new round. In January, the Economic Times reported that the company founded by Kabeer Biswas is eyeing to raise at least $70 million and as much as $150 million.

    Meanwhile, there is no official confirmation on the matter from Dunzo or the two said investors. Additionally, the news comes at a time when Indian startups are witnessing a slowdown in funding. A setback in consumer spending due to high inflation and interest rates along with the threat of a looming recession this year has pushed corporates to keep a lid on their spending.

    Headquartered in the southern Indian state of Bangalore, Dunzo was founded in 2015  and has since expanded to several other cities in the country. From groceries to food to medicines to pet supplies, and more, the company offers delivery services for various items. It also offers other services like bike taxis, household services, and car services.

    The Indian startup has received funding from many investors and has partnered with several businesses to offer delivery services for its products. Dunzo is funded by 35 investors and has raised $382.6 million in over 18 funding rounds according to data from Crunchbase. It last successfully raised funding in November last year via debt financing, it added.

    Author

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    Monika Asthana

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