Reliance Retail-backed Dunzo is in talks to raise up to $100 million through convertible notes, while CarDekho’s insurance unit InsuranceDekho has raised $36.5 million. Separately, eyewear maker Lenskart’s early backers are seeking to sell a portion of their stake.
Dunzo in talks to raise $100m via convertible notes
Dunzo is in talks to raise up to $100 million through convertible notes, to expand its Dunzo Daily, The Economic Times reported on Friday.
DealStreetAsia in November had reported that Alphabet Inc’s Google, which is already an investor in hyperlocal delivery startup Dunzo, was in talks to make an additional investment in the company. Google invested in Dunzo’s $40-million Series E funding round in January 2021.
Founded in 2014, Dunzo delivers groceries and essentials, fruit and vegetables, meat, pet supplies, food, and medicines in major cities and competes with the likes of Amazon and Walmart-owned Flipkart, as well as Swiggy, Zomato, Blinkit and BigBasket.
It also has a separate service to pick up and deliver packages within the same city. The startup currently offers its services in Bangalore, Delhi, Noida, Pune, Gurgaon, Powai, Hyderabad, and Chennai.
InsuranceDekho bags $36m led by Goldman Sachs
InsuranceDekho has raised $36.5 million led by West Street Global (an investment arm of Goldman Sachs), Entrackr reported.
Westsreet Global led the round with Rs 153.5 crore, while the TVS capital fund pumped in Rs 72.35 crore during the round.
Investcorp Private equity, Avataar Ventures, Alstroemeria Investments, and individual investors such as Vineet Dhingra, N Laxmi Narayan, Shridham sons, and others collectively participated with Rs 74.15 crore, the report said.
Kedaara, SoftBank may sell some stake in Lenskart
Lenskart’s early backers, including Premji Invest, Kedaara Capital, TR Capital, and SoftBank, are seeking to sell a portion of their stake to the Abu Dhabi Investment Authority, VCCircle reported on Friday.
In Nov, Lenskart, backed by SoftBank Group, raised $39.6 million from Chiratae Ventures, DSP India Fund, and Axis Growth Avenues AIF-I, in its fifth funding round this year.
In April, Lenskart raised $100 million from Alpha Wave Ventures, just nine months after raising $315 million at a valuation of $2.5 billion.