Dunzo gets $2 mn more from venture debt provider Alteria Capital

Dunzo gets $2 mn more from venture debt provider Alteria Capital
Photo Credit: Photo Credit: VCCircle

Bengaluru-based hyperlocal logistics app Dunzo Digital has raised $2.04 million through a combination of debt and equity from venture debt provider Alteria Capital.

About $1.82 million was raised through debt by issuing Series-D class of non-convertible debentures while the rest was raised by issuing Series C1 class of compulsorily convertible preference shares, according to the company’s regulatory filings with the ministry of corporate affairs.

TechCircle estimates Dunzo’s valuation to be anywhere between $63 million-$65 million.

"We at Dunzo have constantly wanted to steer the narrative & conversation in the ecosystem to a better product, user experience, and what makes a dent in the business," a spokesperson for Dunzo said in an e-mailed response. 

In April, Alteria Capital had participated in a $9.84 million round the company raised from new and existing investors. Existing backer Google had led that round.

Filings show that the company is looking to raise at least $30 million by September 2019 as part of its Series-D round. The company has been receiving funding frequently in recent months. 

A report by Mint in May had said Lightbox Ventures might end up leading a $50 million round in the company.

In the same month,  Kalpavriksh, the private equity arm of financial services firm Centrum, had invested $720,000 in the company.

In February, Dunzo raised $6.5 million from a clutch of new and previous investors including Deep Kalra, chairman and group chief executive of online travel services provider MakeMyTrip. 

Dunzo was founded in 2015 by Kabeer Biswas, Ankur Aggarwal, Dalvir Suri and Mukund Jha. It started off as a chat-based task management app that allows users to create to-do lists. It fulfills tasks like grocery and restaurant deliveries, instant local courier services and home services. The platform uses both artificial intelligence and human operators to offer its services.

Recent media reports have said the company has also forayed into the business to business logistics segment as part of efforts to scale up and expand operations.