Reliance-Retail backed is likely to raise $70 million to $100 million (up to Rs 825 crore) through convertible notes to scale its quick commerce vertical Dunzo Daily, said a report in Economic Times.
The Bengaluru-based company is still in talks to add a couple of more backers to increase the size of the funding round. Reliance Retail, which is the single largest investor in Dunzo with close to 26% stake, is likely to cut a small cheque. Investors such as may also join the financing round, the report said.
This development comes a month after the firm raised Rs 50 crore ($6.2 million) via debentures from Blacksoil India.
YourStory had reached out to Dunzo for a response, but the company declined to comment.
The startup was initially looking to raise at least $150 million by selling a stake but later decided to opt for convertible notes to help sustain valuation amid a tough funding environment, said the report.
invested close to $240 million in January last year, valuing the e-grocery firm at $775 million.
Dunzo is looking at a public listing in three years, the company’s Co-founder and CEO Kabeer Biswas had said last year.
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