Dunzo Revenue, Valuation, Funding & Investors
Dunzo is valued at $775M as of April 2023, a 32.3x multiple on its last reported $24M revenue.
Last Dunzo valuation
$775M
Series F · Apr 2023
Last Dunzo funding round
$75M
Series F · Apr 2023
Dunzo revenue
$24M
Series F · Apr 2023
Key investors in Dunzo
Alphabet
Lightbox
Blume Ventures
Alteria Capital
Lightrock
3L Capital
About Dunzo
Dunzo is a Bengaluru-based hyperlocal delivery platform connecting users to groceries, food, medicines, packages, and pet supplies via crowdsourced delivery partners. Founded in 2015, the company equips MSMEs with e-commerce tools, digital storefronts, and inventory management across 10 Indian cities including Mumbai, Delhi, and Hyderabad.
Founded
2015
HQ
BangaloreWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$24M (Apr 2023)
Valuation
$775M (Apr 2023)
Dunzo Valuation
Dunzo is currently valued at $775M, based on its Series F in April 2023.
The $75M round was led by Alphabet, with participation from Reliance Industries and Lightbox.
Dunzo's valuation has grown 26x from $30M at its Series B in December 2017 to $775M in April 2023, across 8 priced rounds.
Dunzo valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2023 | Series F | $775M | 32.3x |
| Jan 2022 | Series E | $775M | 129.2x |
| Mar 2021 | Series E | $304M | - |
| Jan 2021 | Series E | $237M | - |
| Sep 2020 | Series E | $200M | 66.7x |
| Oct 2019 | Series D | $200M | - |
| Feb 2019 | Series C | $56M | - |
| Dec 2017 | Series B | $30M | - |
Dunzo Revenue
Dunzo's latest recorded revenue is $24M, as of its Series F in April 2023. At a $775M valuation, that implies a 32.3x revenue multiple.
Revenue grew from $3M in September 2020 to $24M in April 2023, while the revenue multiple moved from 66.7x to 32.3x.
Dunzo revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2023 | $24M | $775M | 32.3x | Series F |
| Jan 2022 | $6M | $775M | 129.2x | Series E |
| Sep 2020 | $3M | $200M | 66.7x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Dunzo Funding History
Dunzo has raised a total of $436M across 13 funding rounds.
Dunzo's first fundraising round was a $700K seed round in March 2016. The most recent completed round was a $75M Series F in April 2023.
Dunzo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2023 | Series F | Alphabet (lead); Reliance Industries; Lightbox | $75M | $775M | Dunzo is a Bengaluru-based quick-commerce startup founded in 2015, initially offering WhatsApp-based concierge and pick-up/drop services, later pivoting to 19-minute grocery delivery via dark stores launched in 2020. In January 2022, it raised $240 million in a Series F round led by Reliance Retail, with Reliance investing $200 million for a 25.8% stake, pushing post-money valuation to $775 million to bolster JioMart’s last-mile logistics. The capital was deployed amid aggressive expansion, but operational expenses surged. In FY23 (Apr 2022-Mar 2023), Dunzo's revenue from operations grew 318.5% YoY to Rs 226 crore, driven 62% by sales of traded goods from dark stores (Rs 141 crore), with the rest from partnerships and logistics. However, losses exploded 288% to Rs 1,801 crore from Rs 464 crore in FY22, fueled by 286% higher expenses at Rs 2,054 crore, including runner fees (17.9%), advertising, employee costs, dark store investments, ad spends, rent, and IT. Dunzo faced mounting challenges post-funding: unsustainable dark store economics led to closures in FY24, reverting to revenue-sharing with partner stores. By early 2025, operations ceased, app went offline, CEO exited to Flipkart, creditors pursued insolvency, and Reliance wrote off its Rs 1,645 crore ($200M) stake in FY25 report. Valuation reportedly fell to Rs 300 crore. |
| Jan 2022 | Series E | Reliance Retail (lead); 3L Capital; Alteria Capital; Lightbox; Brand Capital; Lightrock | $240M | $775M | Dunzo is a Bengaluru-headquartered hyperlocal delivery and quick commerce startup founded in 2015 that connects consumers with local stores and vendors for groceries, medicines, food, and everyday items, offering quick deliveries via its Dunzo Daily service launched to fuel growth. In January 2022, Dunzo raised $240 million (Rs 2,000 crore) in a Series F funding round led by Reliance Retail, achieving a post-money valuation of $775 million, with participation from investors including 3L Capital, Alteria Capital, Brand Capital, Lightbox, and Lightrock. The capital was aimed at expansion amid aggressive scaling in quick commerce. For FY22 (ended March 31, 2022), near the round date, Dunzo reported revenue from operations of Rs 54.3 crore, more than doubling from Rs 24.7 crore in FY21, primarily from online platform services (Rs 50.6 crore, 93% of operating income) including merchant partnerships, ads, traded goods, and subscriptions, plus Rs 1.6 crore from warehouse management and Rs 13.4 crore from interest, totaling Rs 67.7 crore overall. Despite revenue growth, losses doubled to Rs 464 crore, with unit economics showing Rs 9.8 spent per rupee of operating revenue; key costs included employee benefits (Rs 138.3 crore, up 50%), delivery (Rs 134 crore, up 4.6x), and marketing (Rs 64.4 crore, up 5.9x). EBITDA margin was -645.64%, with a June 2022 EBITDA loss of Rs 176 crore projected to improve. Dunzo's scale grew two-fold in FY22 driven by Dunzo Daily, but high burn persisted into FY23 where revenue jumped 318% to Rs 226 crore yet losses surged to Rs 1,801 crore amid IPL ad spends (Rs 309.7 crore) and employee costs (Rs 338 crore). The company later shrunk operations, closed dark stores, laid off staff, and refocused on B2B Dunzo Merchant Services for last-mile delivery with healthier margins under a revenue-sharing model with partners. |
| Mar 2021 | Series E | Krishtal Advisors (lead); Ranjan Patwardhan (lead); Amit Nanavati; Rich Ravi Agrawal; Vikas Poddar; Gautam Bahal; Ravi Purushottam Agrawal | $8M | $304M | - |
| Jan 2021 | Series E | Alteria Capital (lead); Alphabet (lead); Evolvence India Fund; Hana Financial Group; Lightbox; Lightrock | $12M | $237M | Dunzo raised $12M in a Series E extension round in January 2021 led by Alteria Capital and Google, with participation from Lightbox, Evolvence India Fund, Hana Financial Group, and Lightrock. This followed a prior Series E of $28M in September 2020 also led by Google and Lightrock. The funding aimed to improve service efficiency and customer experience for the hyperlocal delivery platform operating in cities like Bangalore, Delhi, and others. Dunzo provided quick delivery of groceries, perishables, medicines, and food from neighborhood stores. By early 2021, it had grown its annual gross merchandise value to about $100 million. The round brought Dunzo's total funding to approximately $121 million at that time. |
| Sep 2020 | Series E | Alphabet (lead); Lightrock (lead); 3L Capital; Wes Schwalje; Pivot Ventures; Lightbox; Karman Ventures; Bhoruka Finance | $28M | $200M | Dunzo is a Bengaluru-based hyperlocal logistics and quick commerce startup offering delivery of groceries, food, medicines, and other essentials within urban areas. In September 2020, it raised the first tranche of its Series E round, securing $16 million (Rs 117.33 crore) from returning investors Google and Lightrock (noted as Lightstone in source), with each contributing $8 million, as part of a planned $27.9 million raise. This aligns closely with the query's specified investors including Google and Lightrock, though others like 3L Capital and Lightbox are mentioned in later contexts. As of June 2020, shortly after the round, Dunzo was valued at $200 million. For FY20 (ended March 2020), Dunzo reported operational revenue of Rs 27.4 crore, up significantly from Rs 76.5 lakhs in FY19, with total income at Rs 32.3 crore. Despite revenue growth, losses widened to Rs 338.3 crore from Rs 168.9 crore year-over-year, driven by sharp expense increases including advertising, marketing at Rs 48.1 crore, and other expenses at Rs 162.5 crore. The company received additional funding of Rs 205 crore post-balance sheet. Post this round, Dunzo continued expanding, raising Rs 27.5 crore from Alteria Capital in December 2020 via debt and equity. It later achieved higher valuations, reaching $250 million by late 2020 per some accounts, $770-800 million in 2021, and $775 million in 2022 after Reliance Retail's $200 million investment for 25.8% stake. Dunzo faced intense competition in India's quick commerce space from players like Blinkit and Zepto, leading to heavy cash burn, eventual downsizing, and shutdown by January 2025. |
| Oct 2019 | Series D | Lightbox (lead); STIC Investments; STIC Ventures; 3L Capital; Nomad Ventures; Alteria Capital; Alphabet | $45M | $200M | Dunzo is a Bengaluru-based hyperlocal delivery and concierge startup founded in 2015 by Kabeer Biswas, Mukund Jha, Dalvir Suri, and Ankur Aggarwal. It connects merchants, delivery partners, and users for transactions across courier, commerce, and commute services, operating in cities like Bengaluru, Mumbai, Delhi-NCR, Chennai, Hyderabad, and Pune, with additional bike taxi services in some areas. In its Series D funding round around April 2019, Dunzo raised $45 million led by Lightbox, with participation from investors including Google, Alteria Capital, 3L Capital, STIC Investments, STIC Ventures, and others. The post-money valuation was estimated at $56.4 million as per a September 2019 RoC valuation report. Financially, Dunzo reported total revenues of Rs 3.5 crore for FY2019 (ending March 2019), up from Rs 77 lakh in FY2018, with Rs 76 lakh from operations primarily via merchant commissions and the rest from other income like brand campaigns. Despite revenue growth, losses widened dramatically to Rs 168.9-169 crore in FY2019 from Rs 21.9 crore prior year, driven by expenses of Rs 172.45 crore, including sharp rises in promotions, marketing, order cancellations, refunds, and support services. At the time, Dunzo was handling over two million deliveries monthly across nine cities with average delivery times of 28 minutes and claimed 70% repeat customers with 15% month-on-month user growth. The company planned to expand to 25 cities in India using the Series D funds to strengthen its logistics platform, integrating more merchants and delivery partners. It had consistent prior funding from backers like Google and Blume Ventures. |
| Jun 2019 | Series C | Belltower Fund Group (lead) | $400K | - | - |
| May 2019 | Pre-seed | Kalpavriksh (lead) | $700K | - | - |
| Apr 2019 | Strategic investment | Alphabet (lead); Patni Wealth Advisors; Alteria Capital; Blume Ventures; Greyhound Capital | $10M | - | - |
| Feb 2019 | Series C | Lakshmi Narayanan (lead); Blume Ventures; Raintree Family Office; Monika Garware Modi; Karman Ventures | $3M | $56M | Dunzo is a hyperlocal concierge and delivery platform founded in 2015 by Kabeer Biswas, Mukund Jha, Dalvir Suri, and Ankur Aggarwal that connects merchants, delivery partners, and consumers to facilitate transactions across courier, commerce, and commute services. Operating across nine major Indian cities including Bengaluru, Mumbai, Delhi-NCR, Chennai, Hyderabad, and Pune, the company also offers bike taxi services in Gurugram, Hyderabad, and Noida. In February 2019, Dunzo raised $3.1 million from multiple investors including lead investor Lakshmi Narayanan, along with Blume Ventures, Karman Ventures, Monika Garware Modi, and Raintree Family Office. Following this round, the company was valued at approximately $56.4 million USD as of September 2019, according to a valuation report filed with the Registrar of Companies. By fiscal year 2019, Dunzo reported total revenue of Rs 3.5 crore, with Rs 76 lakh generated from core operations and the remainder from other income. The platform was already demonstrating operational scale, processing over two million deliveries monthly with an average delivery time of 28 minutes across its operating cities. The company deployed its funding to establish itself as a logistics player, integrating merchants and delivery partners onto its platform. |
| Dec 2017 | Series B | Blume Ventures (lead); Alphabet (lead) | $12M | $30M | Dunzo is a Bengaluru-based daily task management app that enables users to outsource errands such as grocery shopping, deliveries, home services, and repairs through a chat interface combining AI and human operators. The company operates primarily in Bengaluru and Pune, handling thousands of tasks daily with a network of riders. In December 2017, Dunzo raised $12.3 million in a Series B round led by Google, with participation from existing investors Blume Ventures and Aspada Investment Advisors. This marked Google's first direct investment in an Indian startup under its Next Billion Users initiative. The post-money valuation stood at $30 million. Dunzo had previously secured $650,000 in a pre-Series A round in March 2016 from Aspada and Blume, along with angels like Google India MD Rajan Anandan. By late 2017, it reported around 30,000 monthly active users in Bengaluru and 3,500-4,000 daily tasks, charging 7-8% commissions. |
| Nov 2016 | Series A | - | $1M | - | - |
| Mar 2016 | Seed | Sandipan Chattopadhyay; Rajesh Dembla; Blume Ventures; Rajan Anandan | $700K | - | - |
Who has invested in Dunzo?
35 investors have backed Dunzo across its funding rounds, including Alphabet, Lightbox, Blume Ventures, Alteria Capital, Lightrock and 3L Capital.
Lead investors include Alphabet, Reliance Retail, Krishtal Advisors, Ranjan Patwardhan, Alteria Capital and 6 other investors.
Dunzo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 San Francisco, CA | 6 | Lead | Dec 2017 | |
| Mumbai | 5 | Lead | Oct 2019 | |
| Mumbai | 4 | Lead | Apr 2019 | |
| Mumbai | 4 | Lead | Mar 2016 | |
| United States | 3 | Participant | Oct 2019 | |
 London | 3 | Lead | Sep 2020 | |
| Austin, TX | 2 | Participant | Feb 2019 | |
| Mumbai | 1 | Lead | Jan 2022 | |
| Mumbai | 1 | Participant | Jan 2021 | |
 Seoul | 1 | Participant | Oct 2019 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Amit Nanavati | Chennai | 1 | Participant | Mar 2021 |
| Sandipan Chattopadhyay | Bangalore | 1 | Participant | Mar 2016 |
| Seoul | 1 | Participant | Oct 2019 | |
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Start Free TrialDunzo Competitors
Dunzo competitors include listed companies like Goto Gojek Tokopedia and EverQuote, and private ones like Snackpass, Daki, Movile and Dingdang Kuaiyao.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | - | - | $400M | - | |
 São Paulo | Private | $4M | - | $800M | 200.0x | |
| São Paulo | Private | - | - | $1B | - | |
 Beijing | Private | - | - | $522M | - | |
 Indonesia | Publicly listed | $1B | ($16M) | $3B | 1.7x | |
| United States | Publicly listed | $693M | $62M | $806M | 0.8x |
Dunzo Public Comps
Dunzo is still privately-owned, but its public comps include Groupon, almeera, EverQuote, Bengo4.com, Ixigo, WeBuyCars, Timee, Hemnet, ATRenew and UT Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $498M | ($19M) | 1.7x | 1.7x | (45.9x) | 11.4x | |||
| $799M | $83M | 1.2x | 1.1x | 11.3x | 11.5x | |||
| $693M | $62M | 0.9x | 0.8x | 9.9x | 5.5x | |||
| $105M | $19M | 7.7x | 6.9x | 43.8x | 33.0x | |||
| $128M | $8M | 5.0x | 4.5x | 83.7x | 57.8x | |||
| $1.6B | $90M | 0.5x | 0.5x | 9.7x | 8.6x | |||
| $132M | $23M | 6.3x | 2.8x | 36.0x | 13.5x | |||
| $156M | $78M | 4.8x | 5.2x | 9.6x | 11.1x | |||
This data is available for Pro users. Sign up to see all Dunzo competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Dunzo
| When was Dunzo founded? | Dunzo was founded in 2015. |
| Where is Dunzo headquartered? | Dunzo is headquartered in Bangalore, India. |
| Is Dunzo publicly listed? | No, Dunzo is a private, VC-backed company. |
| What is Dunzo's valuation? | Dunzo was last valued at $775M in its Series F in April 2023. |
| How much funding has Dunzo raised? | Dunzo has raised $436M across 13 funding rounds. |
| What was Dunzo's last funding round? | Dunzo's last funding round was a $75M Series F in April 2023, led by Alphabet. |
| Who are Dunzo's investors? | Dunzo's investors include Alphabet, Lightbox, Alteria Capital, Blume Ventures, 3L Capital, Lightrock, Karman Ventures, Reliance Retail, Evolvence India Fund, STIC Investments and 25 others. |
| What is Dunzo's revenue? | Dunzo's latest recorded revenue is $24M (April 2023). |
| What is Dunzo's revenue multiple? | Dunzo's latest valuation implies a 32.3x revenue multiple ($775M valuation on $24M of revenue). |
| Which companies are comparable to Dunzo? | Companies comparable to Dunzo include Snackpass, Daki, Movile, Dingdang Kuaiyao, Goto Gojek Tokopedia and EverQuote. |
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