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.
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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.
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