Reliance Retail has bought a 25.8 per cent stake in Dunzo, India's leading quick delivery player, for $200 million (roughly Rs. 1,490 crore) as it looks to expand its presence in online grocery delivery business.
Dunzo raised $240 million (roughly Rs. 1,790 crore) in its latest funding round that was led by Reliance Retail Ventures — the retail arm of Reliance Industries, the two firms said in a press release.
Existing investors Lightbox, Ligthrock, 3L Capital, and Alteria Capital also participated in the funding round.
"With an investment of $200 million (roughly Rs. 1,490 crore), Reliance Retail will own 25.8 percent stake," the statement said.
“We are seeing a shift in consumption patterns to online and have been highly impressed with how Dunzo has disrupted the space.” Reliance Retail Director Isha Ambani said. “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.”
Dunzo Co-Founder and CEO Kabeer Biswas said, “With this investment from Reliance Retail, we will have a long-term partner with whom we can accelerate growth and redefine how Indians shop for their daily & weekly essentials. We're excited by the traction and velocity that Dunzo Daily has achieved and over the next three years, we aim to establish ourselves as one of the most reliable quick commerce providers in the country.”
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