Reliance-backed Dunzo close to $50 million in new financing

Indian hyper-local supply startup Dunzo is in late-stage talks to boost round $50 million in a brand new funding spherical, the Bengaluru-based startup is scrambling for consolation in one other funding winter for younger companies, two sources aware of the matter informed TechCrunch.

Sources stated Dunzo’s two present backers, Reliance Retail and Google, had been amongst these in talks to spend money on the brand new spherical, and requested anonymity because of the confidentiality of the knowledge. Sources stated funding negotiations are presently progressing largely with present backers.

In response to the Indian newspaper, the startup had been out there for a number of months to boost capital and was seeking to increase at the very least $70 million and as much as $150 million. Economic Times.

Kabeer Biswas, Dunzo’s co-founder and CEO, declined to touch upon Thursday. Google and Reliance Retail didn’t instantly reply to a request for remark.

Dunzo competes with Swiggy’s Instamart, YC Continuity-backed Zepto, Tata’s BigBasket and Zomato’s BlinkIt, all in search of to personal a slice of India’s retail market estimated to exceed $800 billion by 2025, based on brokerage estimates. Agency Bernstein.

Supply startups, that are usually among the many high cash-consuming companies, discover it surprisingly significantly difficult to create new rounds of funding amid a weakening financial system globally.

Karthik Gurumurthy, head of Swiggy’s Instamart enterprise, stated he stepped down from the function on Friday. In a LinkedIn submit, he wrote that constructing Instamart was “difficult with many compromises on bodily and psychological well-being.”

A dynamic that performs out globally. Europe’s quick supply market consolidated by as much as three corporations. Instacart lowered its inner evaluation to $10 billion from $39 billion in March 2021.

The story has been up to date on Instamart with extra particulars.

additional studying: Reliance JioMart shuts down express delivery service ‘Express’ (Financial Intervals)