Back in November 2022, when <keyword id="19918826" type="General" weightage="20" keywordseo="ChatGPT" source="keywords">ChatGPT</keyword> was launched for the public, interest around <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">generative AI</keyword> reached new heights. The AI chatbot’s ability to respond to questions in a manner as if a human being was talking left many people surprised as well as awestruck. Soon, AI became a buzzword in the tech industry and investors started pouring funds heavily into AI companies. <h2><keyword id="19959576" type="General" weightage="100" keywordseo="Dunzo" source="keywords" meta.keywordsubtype="org" meta.entityname="Dunzo" meta.hostid="261" meta.entityid="Dunzo">Dunzo</keyword> co-founder staring his <keyword id="20128843" type="General" weightage="20" keywordseo="AI-company" source="keywords">AI company</keyword></h2>In May, an Economic Times report based on insights from market research firm Tracxn said that AI startups in India have already raised USD 91.7 million in funding so far this year, which is a significant increase from USD 29.6 million during the same period last year. And now, former <a href="https://www.businessinsider.in/business/startups/news/quick-commerce-platform-dunzo-lays-off-30-of-its-workforce/articleshow/99290084.cms" data-type="tilCustomLink" target="_blank">Dunzo </a>chief <keyword id="22628971" type="General" weightage="20" keywordseo="Mukund-Jha" source="keywords">Mukund Jha</keyword> is reportedly looking forward to start his own AI company. A Moneycontrol report citing sources said that Jha is in discussions to raise between Rs 50-80 crore (approximately $6-10 million) from <keyword id="22628972" type="General" weightage="20" keywordseo="Together-Fund" source="keywords" meta.keywordsubtype="org" meta.entityname="Together Fund" meta.hostid="261" meta.entityid="Together Fund">Together Fund</keyword> for his new venture. This comes after Jha stepped down from the board of the cash-strapped startup Dunzo last year. Jha's new venture reportedly focuses on generative <a href="https://www.businessinsider.in/business/startups/news/ai-startup-neysa-raises-20-mn-from-matrix-partners-nexus-venture-partners-more/articleshow/109181059.cms" data-type="tilCustomLink" target="_blank">artificial intelligence</a> (Gen AI) and aims to automate quality assurance (QA) processes. "Think of it as a blend of AI and SaaS," an insider told Moneycontrol. QA involves creating and running tests, identifying errors, and providing feedback to ensure products meet quality standards. <h2>What happened with Dunzo?</h2>The delivery startup Dunzo delivers essential goods like groceries, household items, fruits and vegetables, pet supplies, pharmaceuticals etc to people locally. Supported by <keyword id="19901342" type="General" weightage="20" keywordseo="Reliance-Retail" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Retail" meta.hostid="261" meta.entityid="Reliance Retail">Reliance Retail</keyword>, the startup has faced strong competition from companies like Zepto, Swiggy, and BlinkIt. Despite raising around $500 million, Dunzo has struggled to secure additional investment and manage payroll. In February, there were rumors that Flipkart might acquire the platform, but there have been no updates on this matter since. Dunzo, on the other hand, was making headlines earlier this year for facing various financial struggles. The company’s top investor Lightbox also exited in May this year. On the other hand, the company is reportedly experiencing a cash crunch and owes approximately Rs 11.4 crore to various vendors, including Google India, Nilenso, Clover Ventures, Facebook India, Cupshup, Koo, and Glance. <h2>About Together Fund</h2>Together Fund, from which Jha is reportedly going to raise funds for his new venture, has invested in over 20 companies across various SaaS sectors, including recruitment, sales intelligence, marketing, healthcare, and cloud solutions for connected devices. “Our areas of focus span across SaaS, enterprise software, developer tools, open source software, cloud-native infrastructure and API-first businesses. We typically invest early (seed, pre A or series A) to help founders through the crucial zero-to-one part of their journey,” the company’s website reads. Together Fund was founded in 2021 by Girish Mathrubootham of Freshworks, Manav Garg of Eka Software, and Shubham Gupta formerly of Matrix Partners India. It initially raised USD 85 million for its first fund and increased the total to USD 150 million with its second fund announced in 2023

Dunzo co-founder Mukund Jha plans to start his own AI company, seeks to raise up to Rs 80 crore from Together Fund

<ul><li>Engineer with an IIT degree and a Virgo star sign is the most popular formula for self-made entrepreneurs.</li><li>Virgos is the star sign of most founders on Hurn IDFC First list of self-made entrepreneurs.</li><li>Cancer and Leo are the next most common star signs amongst the 405 founders who are a part of the list. </li></ul>It takes a lot of creativity, courage and determination to start and build a successful business. In this digital era, it helps if you are an engineer too. As per Hurun and IDFC First’s list of top 200 companies founded by 405 self-made entrepreneurs, 225 are engineers. Needless to say, the list is also dominated by startups and new-age businesses. The odds get better if you are from a marquee college like IIT, as 82 of them from the list are either from IIT Delhi, IIT Bombay or IIT Kharagpur. There are more points to score if you live in Bangalore, Mumbai or Gurugram — near the startup ecosystem. And there are another set of stars that have to align for success – the zodiac signs. Virgo is the biggest contributor to India's Top 200 Self-made Entrepreneurs of the Millennia with 14% companies with founders of this star sign respectively. Known for logical and practical approach to life, Virgos have a systematic approach to life — all good for would-be entrepreneurs. In a fast-changing world, people of this star sign can also become best business builders as they are known to constantly build skills and practice until they get perfect. This is followed by Cancer with 12% and people with these star signs are known to be effortlessly creative and knowledgeable even if they tend to be sentimental. It’s also a good trait for founders of today, who need to think out of the box. Leos also feature heavily in the list with 10% of the founders having this sign. The natural-born leaders also known for their self-assurance are also courage — all that takes to start and run a business from ground-up. Star signs of self-made entrepreneurs who run successful companies <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Star signs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Examples </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Virgo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukund Jha (Dunzo), Hemant Jalan (Indigo Paints), Siddhant Saurabh (Zupee), Uttam Digga (Porter) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cancer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neetish Sarda (Smartworks), </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Leo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bipin Preet Singh (MobiKwik) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gemini </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vimal Kumar (JusPay) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Scorpio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sushil Agarwal (Aavas Financiers) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capricorn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jahangir Mohammed (Twin Health) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sagittarius </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pranav Goel (Porter) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Libra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chandan Joshi (MobiKwik) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Taurus </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Harsh Binani (Smartworks) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aquarius </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pravin Agarwala (BetterPlace) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Saurabh Tandon (BetterPlace) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pisces </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashok Boob (Clean Science and Technology) </td></tr></tbody></table>Source: IDFC First, Hurun This millennium is ruled by startups – at least that’s what the Hurun and IDFC First report indicates. But their contribution to the economy is also massive. The top 200 companies that make up the list have created wealth to the tune of ₹30 lakh crore. That’s as big as the GDP of Denmark. Retail billionaires — Radhakrishna Damani of Avenue Supermarts (DMart), and Binny Bansal and Sachin Bansal who founded Flipkart are the top wealth creators since 2000. And, they have started from scratch. “This is a testament to the immense value that these entrepreneurs have created. It is also noteworthy that approximately 25% of these companies are publicly listed, and 34% have expanded their operations globally, showcasing the global ambitions of Indian entrepreneurs” said Anas Rahman Junaid, founder &amp; managing director of Hurun India. Most of the list, as expected, is dominated by startups – unicorns and soonicorns. It indicates that a new-era of companies and the digital economy is ruling the wealth creation sphere. “If India stays on such course of investing in physical, digital, and social infrastructure and continue with reforms, we will all see the miracle of India transforming into a developed country within our lifetimes, exceeding per capita income of $15,000 by 2050,” said V Vaidyanathan MD &amp; CEO, IDFC FIRST Bank. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/new-indias-greatest-wealth-creators-are-90s-babies-born-without-a-silver-spoon/articleshow/105623349.cms">New India’s greatest wealth creators are 90s babies, born without a silver spoon</a> <a href="https://www.businessinsider.in/stock-market/news/stellar-listing-gains-book-profits-if-there-are-bumper-gains-say-experts/articleshow/105630290.cms">Stellar listing gains: Book profits if there are bumper gains say experts</a>

The sure shot ‘signs’ of a successful entrepreneur

<ul><li><keyword id="58448" type="General" weightage="20" keywordseo="reliance-retail" source="Orion">Reliance Retail</keyword> has invested $200 million in Google-backed <keyword id="12724312" type="General" weightage="20" keywordseo="quick-commerce" source="Orion">quick commerce</keyword> company <keyword id="3275685" type="General" weightage="20" keywordseo="dunzo" source="Orion">Dunzo</keyword>.</li><li>Dunzo’s valuation has nearly doubled to over $775 million post this investment by Reliance.</li><li>The eight-year-old startup has raised $240 million in this round to enter 15 cities.</li></ul>Reliance Retail, a subsidiary of India’s biggest private corporation Reliance Industries (RIL), has invested $200 million in Google-backed quick commerce company Dunzo. The Mukesh Ambani-led company will own 25.8% stake in the eight-year-old startup, on a fully diluted basis. The valuation of the startup at which the financing round was done was not revealed. Just a back of the envelope calculation shows that if Ambani’s 25% stake is worth $200 million, the value of the entire 100% would be over $775 million. This is more than double the valuation of $300 million that was accorded to the company last year. This will allow Asia’s richest man, Ambani, to open yet another front with Jeff Bezos’ Amazon, which currently has a similar service called Amazon Fresh. The other contestants in this emerging space, <a href="https://www.businessinsider.in/newsletter-23-december-2021/binewsletter/88440534.cms">where top investors are throwing in big bucks</a>, are the $5-billion food and grocery delivery app Swiggy, <a href="https://www.businessinsider.in/business/startups/news/grofers-founder-explains-why-he-rushed-to-rebrand-the-startup-and-his-plans-seem-ambitious/articleshow/88320706.cms">the new unicorn Blinkit, formerly known as Grofers</a>, and other players with promise like Zepto. A unicorn, in startup parlance, is a private firm valued at or over $1 billion. <div type="Video" msid="88439472" hostid="261" title="SIMPLY PUT: This billion dollar business model was a Netflix joke in 2020" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=88439472"></div> Several existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital have also invested $40 million in the company. Overall, Dunzo has raised $240 million in this round. “Through our partnership with Dunzo, we will be able to provide increased convenience to Reliance Retail’s consumers and differentiated customer experience through rapid delivery of products from Reliance Retail stores. Our merchants will get access to the hyperlocal delivery network of Dunzo to support their growth as they move their business online through Jio Mart,” Isha Ambani, director of Reliance Retail, said. Founded by Dalvir Suri, Mukund Jha, Kabeer Biswas and Ankur Agarwal in 2015, Dunzo connects users with vendors like grocery stores, pharmacies, restaurants and more to facilitate delivery of products. It also allows its customers to facilitate peer-to-peer deliveries by hiring a partner to fulfill pick-and-drop orders. The company is currently operating in 7 metro cities and the additional capital will be used to expand its quick commerce business to 15 cities. SEE ALSO <a href="https://www.businessinsider.in/politics/india/news/travel-restrictions-in-uk-us-france-germany-for-indian-travellers-during-covid/articleshow/88728921.cms" data-type="tilCustomLink">If you are looking to travel to UK, US or France, these are the restrictions you need to know</a> <a href="https://www.businessinsider.in/retail/news/diwali-and-christmas-may-have-saved-dmarts-quarter/articleshow/88718606.cms" data-type="tilCustomLink">Diwali and Christmas may have saved DMart’s quarter</a> <a href="https://www.businessinsider.in/science/health/news/uk-lifts-pre-arrival-covid-19-test-rule-for-overseas-travelers/articleshow/88725152.cms" data-type="tilCustomLink">UK lifts pre-arrival Covid-19 test rule for overseas travelers</a>

Asia’s richest man Mukesh Ambani makes a new purchase to take on Amazon and Swiggy in quick commerce

<ul><li><keyword id="3275685" type="General" weightage="20" keywordseo="dunzo" source="Orion">Dunzo</keyword> currently operates in eight markets and plans to get into 20 more by 2023.</li><li>It has reduced its expenses per rupee of operating revenue from ₹13 in FY20 to ₹6 in FY21.</li><li>It caters to over 2 million orders on a monthly basis and reported a GMV of $200 million in FY20.</li></ul>Gross merchandise value (GMV) of quick commerce app Dunzo neared ₹600 crore in the financial year 2021, even though the Google-backed company reduced its marketing spends and did not enter any new cities in the last fiscal year. The company currently operates in eight cities — Bengaluru, Mumbai, Pune, Gurgaon, Delhi, Chennai, Hyderabad and Jaipur. It caters to over 2 million orders on a monthly basis. The company's revenue jumped 66% to ₹46 crore. It has reduced its expenses per rupee of operating revenue, from ₹13 in FY20 to ₹6, in FY21, the company added. The company claims that their revenue grew due to increase in organic demand and being an essential service during the pandemic. <div type="image" title="Dunzo (3)" msid="85843860" hostid="261"></div> Founded by Dalvir Suri, Mukund Jha, Kabeer Biswas and Ankur Agarwal in 2015, Dunzo connects users with vendors like grocery stores, pharmacies, restaurants and more to facilitate delivery of products. It also allows its customers to facilitate deliveries amongst themselves and hire a partner to fulfill pick-and-drop orders. Kabeer Biswas, chief executive and cofounder of Dunzo, told Business Insider in an interview that the company did not carry out any expansion activities in the last 15-18 months. “We didn’t want to go ahead and try to understand operations and go ahead and create issues on the ground because of us entering new cities. We didn’t know what the regulation would look like, we didn’t know what the virus would look like,” he added. Dunzo will resume its expansion plans in the later half of this year. Though the company is yet to finalise the nitty-gritty of the plan, it aims to enter 10 new markets by 2022 and 20 markets by 2023. The company plans to launch a pilot programme in Tier II city, a market with less than 10 lakh population, to test out the demand for their services, Biswas told Business Insider. <div type="image" title="Google-backed Dunzo earned nearly ₹600 crore from 8 cities in FY21, CEO says they&amp;#39;ll start expanding now" msid="85656892" hostid="261"></div> Biswas also added that Dunzo recorded a GMV of ₹267 crore between April and June, this year. The seven-year-old startup expects to continue its growth trajectory in FY22 as well, fuelled by its quick commerce segment. What’s up next for Dunzo? Dunzo has raised close to $130 million to date from marquee investors like Google, Lightbox, Evolvence India Fund, Lightrock, Alteria Capital and more. The company is now looking to launch 300 micro-fulfillment centres across 700 neighbourhoods with a focus on express grocery delivery. The company also launched its <keyword id="11947433" type="General" weightage="20" keywordseo="Dunzo-Daily" source="Orion">Dunzo Daily</keyword> offering recently to get deeper into the on-demand grocery delivery market. Biswas highlighted that grocery and essential items currently make up around 80-85% of Dunzo’s business in terms of GMV. The company now aims to expand Dunzo Daily with 2,000 stock keeping units (SKU) and scale it to top 20 cities in the next 18 months. The company claims that it is their most ambitious category till date. “What it does is, it goes ahead what a convenience store in 2021 would look like. I think what we are very excited about is the first 5 million odd customers in Bengaluru to try it and about 40 million customers across the country to try it over the next two years,” Biswas told Business Insider. Biswas noted that the major challenge to Dunzo Daily is the fact that it requires the company to operate as three businesses at once — a tech company, a logistics company and a retail company. “As a logistics company that’s just connecting people, your retail behavior understanding can be slightly low,” he said, adding that the company has been trying to understand retail behaviour in the last 15-18 months. SEE ALSO <a href="https://www.businessinsider.in/tech/enterprise/news/amazon-twitter-hyundai-and-dominos-are-buying-indian-software-fuelling-a-75-billion-dream-chased-by-top-vcs-like-sequoia-and-tiger-global/articleshow/85646116.cms">Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global</a> <a href="https://www.businessinsider.in/stock-market/news/infosys-airtel-kaveri-seed-and-other-top-stocks-to-watch-out-for-on-august-26/slidelist/85645299.cms">Infosys, Airtel, Kaveri Seed and other top stocks to watch out for on August 26</a> <a href="https://www.businessinsider.in/personal-finance/news/investors-will-be-able-to-open-fixed-deposit-accounts-fds-on-google-pay/articleshow/85646488.cms">Google Pay to let users open fixed deposits on its platform</a>

Google-backed Dunzo GMV neared ₹600 crore from 8 cities in FY21, CEO says they'll start expanding now

The Delhi chapter of <keyword id="139680" type="COMPANY" weightage="20" keywordseo="The-Indus-Entrepreneurs">The Indus Entrepreneurs</keyword> (TiE) will host on Thursday the 8th iteration of the <keyword id="4390638" type="PERSON" weightage="20" keywordseo="India-Internet-Day">India Internet Day</keyword>, one of the largest conferences for Internet entrepreneurs in the country. India Internet Day 2019 targets entrepreneurs which attracts start-ups, unicorns, industry leaders, investors, mentors, policy-makers, and many more key domain experts from across the country every year India is presently home to over 500 million internet users and 21 unicorns. With the aim of raising a hundred start-ups and enterprises to become billion-dollar companies on the back of their internet-centric innovations, TiE Delhi-NCR is hosting the 8th iteration of India Internet Day. The vision of #iDay2019 is encapsulated in the headline of the event’s main theme: “India Internet Unboxed: Getting ready for a 100 Unicorns”. Enabling the next generation of leaders At iDay 2019, leaders of the internet and entrepreneurial community will deliver content for the benefit of young entrepreneurs, enabling the next generation of leaders to gain a deeper insight into the opportunities and evolving trends in the industry, Tie said in a statement. Building on the theme of ‘unboxing’, iDay2019 plans to have focused and thought-provoking discussions during the session line-up on topics including: Unboxing Indian Tech Going Global, Unboxing Funding, Unboxing Talent, Entrepreneurial Milestones: Unboxing Pivots &amp; Pirouettes to Exits, Unboxing 2nd Innings, Unboxing Valuations. It will also have a special focus on the Chinese startup ecosystem, key speakers will speak on Unboxing China, its Landscape &amp; Overview, Chinese VCs in India - A perspective and Cross Border Learnings. Additionally, entrepreneurs will be provided with a platform to showcase internet-centric innovations and get constructive feedback on their ventures. All about networking The conference is one of the most anticipated entrepreneurial conferences across the world as it gathers entrepreneurs and vision-holders in the midst of key investors, industry leaders, and policy-makers under the same roof. It will have sessions that will chaired by prominent industry leaders including Vani Kola, MD, Kalaari Capital, and Rajesh Sawhney, CEO &amp; Co Founder of Innerchef, the conference will open with a keynote address by Vijay Shekhar Sharma, Founder &amp; CEO of PayTM. The opening address will be followed by conversations with industry experts including Anant Maheshwari, President - Microsoft India and Rajan Anandan, Vice President, Google &amp; President, TiE Delhi-NCR. Other ace speakers include Lathika Pai, Country Head - Microsoft for <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">Startups</keyword> MENA and SAARC , Gaurav Deepak, Co-founder &amp; MD - Avendus Capital, Anand Lunia, General Partner – India Quotient, Helen Wong, Partner at Qiming Venture, Yun Lou, Founder &amp; CEO of Clubfactory, Hans Tung - Partner, GGVC Kunal Shah, Founder &amp; CEO – Cred, Amrish Rau, Ex CEO – CitrusPay, Aprameya Radhakrishna, Founder &amp; CEO of Vokal, Raul Rai, Co-Founder of Nicobar.com, and Mukund Kulashekaran from Urban Clap. Power Breakfast with the iDay Committee The event will kick off with a breakfast with industry leaders and the best in the startup ecosystem. The committee members who will be a part of this event include Rajan Anandan, Vice President, Google &amp; President, TiE Delhi-NCR; Alok Mittal, Co-Founder, Indifi Technologies; Amarjit Singh Batra, Managing Director, Spotify India; Arvind Jha, Multipreneur, Movico Technologies; Miten Sampat, VP, Times Internet; Deep Kalra, Founder &amp; Group CEO, MakeMyTrip; Gautam Gandhi, Angel Investor; Prasanto K Roy, Policy Consultant ; Karan Mohla, Partner &amp; Executive Director of Chiratae Ventures; Ravi Gururaj, Founder &amp; CEO, Qikpod; Dev Khare, Partner, Lightspeed India Partners. B2B Founders' Lunch Ace B2B founders who will be part of this session include Shridhar Gupta, Co-Founder - Loconav; Pranav Tyagi, Founder - Eigen; Ajay Chauhan, Co- Founder -SalezShark; Sachin Bhatia, Co-Founder &amp; Ex VP - Drishtisoft solutions; Rahul Bhalla, CEO &amp; Co Founder -Zeanatix will be part of the lunch tables Fintech Lunch Leading Fintech founders who will be part of the lunch include Ajay Vikram Singh, Consumer Business Head- Clix Capital ; Jonathan Bill, CEO &amp; Co- Founder – Creditmate; Kshitij Puri, CEO &amp; Co- Founder - Ziploan ;Sandeep Srinivas, Co-Founder &amp; CMO - Redcarpet Tech ; Kapil Mehta, Co - Founder – SecureNow; Alok Bansal, Co-Founder &amp; CFO – PolicyBazaar ; Mukesh P Kalra, Founder &amp; CEO – ETMoney #iDay Launchpad A platform at India Internet Day where tech businesses have a chance to demo/launch their new products/services in front of a large relevant audience of VCs, entrepreneurs etc. The start-ups will be selected by an influential jury panel #iDay Workshop A stellar workshop on product management professionals with Anshumani Ruddra, VP of Product (Social &amp; Gaming) – Hotstar will equip participants with new strategies &amp; principles to ace their field Gala Evening Network, interact, explore synergies over dinner and jive the evening away with a rocking band performance! The conference will take place from 8:00 am to 6:00 pm on 25th April, 2019, at Leela Ambience, Gurugram. Register here now! <a href="https://www.iday.in/">https://www.iday.in/</a> Note: Business Insider India is a media partner at the event.

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Here’s all that you need to know about the upcoming India Internet Day 2019

BI India Bureau