Mukesh Ambani’s Reliance Retail has invested $200 million or around Rs 1,488 crore in Bengaluru-based quick commerce player Dunzo for a 25.8 per cent stake on a fully diluted basis. The move will help Reliance get a foothold in the country’s growing quick delivery market. Dunzo raised a total of $240 million in this latest round led by the Reliance Industries Ltd arm. The other existing investors were Lightbox, Ligthrock, 3L Capital and Alteria Capital, who participated in the round.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The funding will be used to strengthen Dunzo’s vision to excel in the quick commerce business, enabling instant delivery of essentials from a network of micro warehouses while also expanding its B2B business vertical to enable logistics for local merchants in Indian cities.
Important takeaways for all competitive exams:
- Dunzo Founder(s): Kabeer Biswas, Ankur Agarwal, Dalvir Suri, Mukund Jha;
- Dunzo Founded: July 2014;
- Dunzo Headquarters location: Bengaluru.
What is the Old Name of Karnataka?
Who is Known as the Father of Sociology?
Which District of Gujarat is Known as th...
