[Funding Alert] Q-Commerce Major Dunzo raises INR 50 Cr debt from Blacksoil

Dunzo

Quick commerce startup Dunzo has raised INR 50 Cr or $6.2 million through bonds from Blacksoil India, according to Entrackr. In January this year, the Bengaluru-based startup raised $240 million in its latest round of funding, valuing Dunzo at $775 million.

According to a Registrar of Companies (RoC) filing, Dunzo’s board has approved a special resolution to allot 1,000 non-convertible debentures at an issue price of INR 500,000 per debenture to raise INR 50 crore from Blacksoil.

The debt fund also came at a time when Dunzo is shutting down some of its dark shops in Delhi NCR and Hyderabad. The company also laid off several employees during the process.

In FY22, the company’s losses increased 2x and crossed the INR 460 crore mark. Revenues doubled during the period to INR 54 crore.

Dunzo has not been able to control its expenses and this can be observed from its annual financial statement for FY22. In the fiscal year (FY22), the company’s losses spiked 2X and crossed the INR 460 crore mark. The revenue grew two-fold and stood at INR 54 crore during the period.

Several growth and late-stage startups have raised funding via debt or convertible notes over the past few months. Business-to-business e-commerce major Udaan raised $120 million in convertible notes and debt led by existing shareholders and bondholders. Byju’s also took a collateral-free loan of INR 300 crore or $36.5 million from its wholly-owned subsidiary Aakash Educational Services Limited.

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