AI-Driven Errand Runner Dunzo Raises $3.1 Mn In Series C Funding

AI-Driven Hyperlocal Concierge Startup Dunzo Raises $3.1 Mn Funding

SUMMARY

The company plans on investing in brand marketing and routine operations

Prior to this, the company raised INR 7 Cr ($983K) from Alteria Capital

Cognizant cofounder N Lakshmi Narayanan also participated in the round

Bengaluru-based artificial intelligence (AI)-driven hyperlocal concierge app Dunzo has raised $3.1 Mn (INR 22.49 Cr) in a Series C funding round, as the company plans on investing on brand marketing along with setting up of infrastructure and for routine operations.

According to its filings with the Registrar of Companies (RoC), the company issued cumulative convertible preference shares (CCPS) to Milestone Trusteeship Services, N Lakshmi Narayanan, Monika Garware Modi, and Raintree Family.

The funding round which was first reported by paper.vc, saw Cognizant cofounder N Lakshmi Narayanan picking up 1,323 CCPS for $984K (INR 7 Cr), Milestone Trustee picked up 1,322 CCPS for $983.3K (INR 6.9 Cr), Garware Polyester vice-chairman Monika Garware Modi picked up 661 CCPS for $491.6K (INR 3.4 Cr), and Maharashtra-based Raintree Family picked up 945 CCPS for $983.7K (INR 7 Cr).

The shares have been issued at a premium of $743 (INR 52.8K), the filing showed.

Founded in 2015 by Ankur Aggarwal, Dalvir Suri, Mukund Jha, and Kabeer Biswas, Dunzo offers a chat-based interface which allows users to create to-do lists and collaborate with others and get their work done.

The AI-driven chat-based hyperlocal services app enables users to create to-do lists and collaborate with partners (vendors) to get them done. It leverages AI to provide vendors for shipping of packages, buying products, repairing stuff, and home services. Users can also get their personal tasks done through the app, which may include anything from paying bills, getting car services, repairing things among many more.

“Dunzo has a great team with a great idea which has legs to run, that’s the reason I invested,” Narayanan told Inc42.

As of October 2018, Dunzo claimed to have completed over 1 Mn transactions with an average of 30K transactions per day mainly from four cities — Gurugram, Hyderabad, Pune and Chennai.

Last year in November, the company raised INR 7 Cr ($ 983K) from venture debt firm Alteria Capital. Prior to this, the company raised INR 80.8 Cr ($12. 3 Mn) in a Series B funding round led Google in December 2017.

Dunzo was part of the 2018 edition of the most coveted list of India’s most innovative startups — 42Next by Inc42.