Jio to invest in Dunzo’s $250Mn funding round
Google backed Dunzo is looking to raise as much as $200-250 million at a valuation of close to $800 million. Billionaire Mukesh Ambani-controlled Jio is in talks with Dunzo to finalize the financial investment, alongside with the start-up’s current investors.
With participation in its new (probably Series F) round, Jio is likely to pitch the valuation of the Bengaluru-based start-up to $800 million.
Founded by Dalvir Suri, Mukund Jha, Kabeer Biswas and Ankur Aggarwal in 2015, Dunzo connects consumers with stores and vendors in their vicinity and facilitates deliveries of products such as grocery, medicines, food and other everyday items.
The investment could also mark another step in Reliance’s super app ambition under the Jio brands in which the company aims to partner with third-party applications in different verticals, similar to what other Indian conglomerates have tried.
Dunzo’s revenue jumped 1.6x to nearly $6 million in the financial year ended 2021 compared with the previous year. The company also reduced its annual losses by 43% in FYE 2021. The company raised $40 million in its series E round from Google, Lightbox, and Evolvence, among others.
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