Deal Street: Google Becomes Largest Investor Of This Delivery Startup
Five Indian startups have raised nearly $80 million in angel, seed and venture capital funding in less than a fortnight.
Five Indian startups have raised nearly $80 million (about Rs 568 crore) in angel, seed and venture capital funding, across sectors such as delivery and social commerce, among others, in less than a fortnight.
Dunzo Raises $45 Million As Part Of A Larger Funding Round
Dunzo, that delivers everything from food and medicines to groceries, has raised $45 million (Rs 318 crore) from Lightbox Ventures, U.S.-based growth equity firm 3L Capital, and South Korea’s STIC Investment & STIC Ventures.
Existing investor Google also participated in the funding round, which also made it the largest investor, Kabir Biswas, co-founder of Dunzo, told BloombergQuint in an interview.
Biswas said the firm will use the funds to boost efficiency and expand its presence. Dunzo is present in eight cities and is looking to expand to 12 cities in the next one year. The startup, according to its co-founder, has about half a million transacting customers per month and expects to touch 3.5 million by the end of next year.
Dunzo is also looking to launch its bike-taxi, already piloting in Gurugram, Hyderabad and Noida, in more cities once the regulation clarity comes in from other states.
Besides, the firm is investing in drone delivery and is hoping to launch the pilot in at least nine months. “If the regulation comes through, we will go ahead and make it our number priority,” Biswas said.
Melorra Raises $12 Million In Growth Funding From Lightbox, Others
Online jewellery brand Melorra has raised $12 million (about Rs 85 crore) in a growth funding round from existing investors, including Lightbox Ventures India and BlackSoil Capital.
Other investors include family offices of Ravi Sheth, director of the Great Eastern Shipping Company, Burman family office, Rainmaker Ventures, and the Jeejeebhoy family office, the company said in a statement.
Bengaluru-based Melorra said it will use the funds to enhance its technology, improve its brand visibility and hire more talent.
Founded in 2016, Melorra makes jewellery for everyday wear and contemporary wardrobes. It expects to clock Rs 400 crore in revenue by the financial year ending March 2021.
Zomato’s Pankaj Chaddah, Others bet on Vahdam Teas
Vahdam Teas has raised $10.5 million (about Rs 75 crore) in a fresh round of funding led by venture capital firm Sixth Sense Ventures.
Other investors included Infosys Ltd.’s co-founder Kris Gopalakrishnan, Zomato Media Pvt. Ltd.’s co-founder Pankaj Chaddah and family offices of Mankind Group and SAR Group, besides existing investor Fireside Ventures, the company said in a statement.
The investment will be used to expand into new markets, research and development and launch innovative products, the company said.
Founded in 2015, New Delhi-based Vahdam Teas operates an online platform through which it ships Indian tea to customers globally. The U.S. is its largest market, accounting for 70 percent of its revenue, the company said. It procures tea from about 100 plantations across India and Nepal.
Others
- DealShare, an online buying platform for grocery, raised $11 million (about Rs 78 crore) in a fresh funding round, jointly led by U.S.-based venture capital firms Matrix Partners and Falcon Edge Capital. DST Global, Omidyar Network and other angel investors also participated in the fundraise, the company said in a statement.
- Smytten, an online discovery platform for premium products, has raised $1.5 million (nearly Rs 10.6 crore) from investment firm Roots Ventures.