Reliance Retail has acquired a 25.8 percent stake in Dunzo, India’s leading express delivery company, for $ 200 million (approximately Rs.1,490 billion) to expand its presence in the online grocery delivery business.
Dunzo raised $ 240 million (approximately Rs.1,790 billion) in its most recent funding round, led by Reliance Retail Ventures – the retail arm of Reliance Industries, the two companies said in a press release.
The existing investors Lightbox, Ligthrock, 3L Capital and Alteria Capital also took part in the financing round.
“With an investment of 200 million US dollars (approximately 1,490 billion rupees), Reliance Retail will own 25.8 percent of the shares,” the statement said.
“We are seeing a shift in consumption patterns towards online and are very impressed with how Dunzo has changed the space.” Isha Ambani, director of Reliance Retail, said. “Through our partnership with Dunzo, we will be able to provide Reliance Retail consumers with greater convenience and a differentiated customer experience through fast delivery of products from Reliance Retail stores. Our dealers will have access to Dunzo’s hyper-local delivery network to support their growth as they move their business online through Jio Mart. “
Kabeer Biswas, Dunzo Co-Founder and CEO, said, “With this investment from Reliance Retail, we have a long-term partner with whom we can accelerate growth and redefine the way Indians shop for their daily and weekly staples. We are thrilled with the traction and speed that Dunzo Daily has achieved and aim to establish ourselves as one of the most reliable quick commerce providers in the country over the next three years. “
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