Dunzo Digital Private Ltd., a delivery startup backed by Google and operating in eight Indian cities, aims to double the amount of capital it has raised so far to extend its reach across the country and become a $1 Bn revenue business in the next two years.
The app, which connects low-cost couriers to thousands of individual merchants, has lured Indians with its rapid delivery of items ranging from groceries to parcels in traffic-clogged cities. The Bengaluru firm has so far raised about $140 Mn to date and aims to tap investors for roughly another $150 Mn in 2021.
“The expansion only really starts next year at full pace, so we’ll raise the capital this year, but it gets deployed only next year," Kabeer Biswas, Dunzo’s CEO, said in an interview. The company may expand to two more cities in 2021, then build toward a presence in 20 urban areas by mid-2023, he said.