Good morning, it's Wednesday and $ZM stock is booming (driven by a great earnings report yesterday). We've got a couple of funding announcements today- a job search app raising a Series A & Dunzo raising a new round of funding.
1. https://tcrn.ch/3gRyyQi: Apna raises a $8M Series A from Sequoia & Lightspeed
➡️ Millions of Indians are unemployed the country during the nationwide lockdown, and Apna wants to help. The company has an app that helps India’s workers learn new skills, connect with one another and find jobs.
➡️ It seems like the company has been seeing great traction and has raised an $8M Series A round from India's top tier investors in Lightspeed & Sequoia. The company is not even a year old but has already amassed over 1M users. They also raised a seed round of $2M last year (though I haven't been able to figure out from who).
➡️ According to the founder Nirmit, daily-wage workers don't have access to organized communities with their peers and find it hard to find employment. And the platform helps these folks build their profile, learn skills, and interview with companies for jobs.
➡️ In the last month, the company has already arranged over 1.2M interviews and has facilitated 3M professional conversations. Last month, Google also released an app to help workers find jobs in the country & Apna seems to help with both upskilling & employment- both of which are sorely required in India given the dismal state of the economy.
2. https://bit.ly/34T065G: Dunzo raises a Series E from existing investors
➡️ The hyperlocal logistics platform Dunzo has raised $28M in a new funding round led by Google & Lightstone. This news comes amidst Swiggy entering the hyperlocal grocery segment with Instamart (lol Instacart).
➡️ The latest round pegs the company's valuation at $245M and the company has made significant efforts to improve their financials. The company's operating revenue grew 4.3x to Rs 71.56 Cr, while expenditure was up 2.3x to Rs 407.6 Cr.
➡️ The company has also been focussing on the B2B side of the business lately with enabling hyperlocal logistics for retailers. It is also running an experiment dark stores to help local retailers fulfill customer orders quickly in Bengaluru, Chennai, and Pune.
➡️ The platform has over 75k stores and has seen an increase in the deliveries on the platform in FY20 as well- up 2.5 to 3x (interesting that the orders have gone up 2.5 - 3x and revenue has gone up 4.3x- that's definitely a good sign).
➡️ I'm still uncertain about Dunzo's future amidst a very crowded space, but it's very clear that the founders have been able to build a meaningful business with a lot of customer love & sticky user behavior- so I'm sure it'll be a decent outcome for the founders & investors.
Feedback & ❤️ always appreciated BONUS (Tweet of the day): https://twitter.com/harshilmathur/status/1300873316522024960
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