SUMMARY
Google and other existing investors, Aspada Investment Advisors and Blume Ventures may participate in the round
This funding round will be a part of an extended capital-raising initiative
As per sources, Google may invest around $10 Mn in Dunzo
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Bengaluru-based concierge app Dunzo is reportedly in advanced talks to raise $25 Mn from Google and other investors.
According to reports, this funding round will be a part of an extended capital-raising initiative. Further, this round may boost the startup’s valuation to about $100 Mn.
Citing unnamed sources, an ET report has also stated that Google may invest around $10 Mn in Dunzo. However, the report added that it is still unclear if there any new investors will participate in the new round of funding.
Dunzo’s existing investors, Aspada Investment Advisors and Blume Ventures are also expected to participate in the round on a pro-rata basis.
The report also stated that the hyperlocal services platform has plans to raise an additional $30-50 Mn.
This would not be the first investment by Google in Dunzo as the platform had earlier raised $12 Mn funding from US-based search company against a minority stake in the startup.
Earlier this month, the startup had raised $962.5K from venture debt firm for expanding its services.
Dunzo —founded in 2015 by Ankur Aggarwal, Dalvir Suri, Mukund Jha, and Kabeer Biswas — offers a chat-based interface which allows users to create to-do lists and collaborate with others and get their work done.
According to the company, it leverages artificial intelligence and human operators in providing solutions for consumers’ everyday tasks.
As per the official website, users can get their personal tasks done through the app, which may include anything from paying bills, getting car services, repairing things among many more. Further, the users will get a notification of the task completion within 24-hours.
A report titled “India Hyperlocal Market Outlook to 2020 – Driven by Rising Startups Firms and Fluctuating Investments” by market research firm Ken Research, has predicted that the Indian hyperlocal market will grow to reach over $317.4 Mn (INR 2,306 Cr) by 2020.
With time hyperlocal startups have also increased in number. Many other players such as DoneThing, Haptik, HelpChat, Hike-owned personal assistant bot Natasha are also looking to strengthen their presence in the hyperlocal space.
[The development was reported by ET]
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