Highlights
- Dunzo plans to invest in brand marketing and routine operations
- Cognizant co-founder also participated in Series C Funding
- Dunzo achieved over 1 million transactions done by October 2018
The Artificial Intelligence-driven Bangalore’s own local delivery app Dunzo gets funding of $3.1Mn (INR 22.49 Cr) in a Series C funding. The company’s idea is to utilize the investment to develop brand marketing, build infrastructure and also for day-to-day operations.
Dunzo is an AI driven app, a chat-based interface, which allows its users to create to-do lists and get their work done.
Cognizant co-founder N Lakshmi Narayanan also made his presence available in Series C funding. According to its filings with the Registrar of Companies (RoC), the company issued cumulative convertible preference shares (CCPS) to Milestone Trusteeship Services, N Lakshmi Narayanan, Monika Garware Modi, and Raintree Family.
Cognizant co-founder N Lakshmi Narayanan was issued 1,323 CCPS for $984K (INR 7 Cr), Milestone Trustee was issued 1,322 CCPS for $983.3K (INR 6.9 Cr), Garware Polyester Vice-chairman Monika Garware Modi was issued 661 CCPS for $491.6K (INR 3.4 Cr) and Maharashtra-based Raintree Family was issued 945 CCPS for $983.7K (INR 7 Cr).
The filing showed shares have been issued at a premium of $743 (INR 52.8K).
“Dunzo has a great team with a great idea which has legs to run, that’s the reason I invested,” Narayanan told Inc42.
Dunzo claimed to have over 1 Million transactions done by October 2018, with an average of 30k transactions done per day, majorly from cities like Pune, Gurugram, Chennai and Hyderabad.
The company also raised $983k (INR 7 Cr) last year in November 2018 through venture debt firm Alteria Capital. The year before in December 2017, the company raised $12.3Mn (INR 80.8 Cr) in a Series B funding round led by Google.
Source: AI-Driven Errand Runner Dunzo Raises $3.1 Mn In Series C Funding
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