Dunzo in talks to  raise USD 50 Mn

On-demand delivery startup Dunzo is trying to bring in new investors to raise around USD 50 million, Mint reported citing two people in the know.

“Dunzo has been finding it difficult to raise money from financial investors. There were some initial talks with Zomato for a potential acquisition, but that didn’t move forward," Mint quoted the source as saying.

Dunzo was started in 2015 by Kabeer Biswas, Ankur Aggarwal, Mukund Jha, and Dalvir Suri.

Google has led a USD 12-million investment in Dunzo in its first direct investment in India.

“It was a company that held a lot of promise but not sure where it’s going now. It’s a great consumer service but there is no way to monetize it and in areas in which it can be monetized, such as food delivery, bike taxi and grocery delivery, it already has strong players to compete with,” an investment banker told the Mint.

Source: Livemint