The hyperlocal delivery services platform Dunzo Digital Pvt Ltd operating in India has raised $11 million (78.8 crores) in venture debt from Alteria Capital.
The company based out of Bengaluru stated that they will be utilizing the funds to grow in its existing markets. Dunzo started its operations in 2015, it has a mobile application that allows users to create to-do lists and the company fulfills these tasks including grocery, restaurant deliveries, instant local courier and other home services.
Alteria’s spokesperson revealed that Dunzo was able to create brand name among hyperlocal services and that the startup is capable of becoming the market leader in the segment.
According to a data research firm Mosaic Digital, Dunzo has several VC’s like Blume Ventures, Kalpavriksh Fund, and Patni Wealth Advisors backing the startup. Since last year the company has raised over $45 million in a fresh funding round that invited investments from the US and South Korean ventures.
Dunzo makes use of AI and human operators to manage its services and it has branches in major Indian cities like Mumbai, Bengaluru, NCR, Hyderabad, and Pune. The company also had investment from several new investors including MakeMyTrip CEO Deep Kalra.
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