Indian retail company, Reliance Retail has bought a 25.8 percent stake in India’s leading quick commerce player Dunzo, an Indian company that provides delivery services for $200 million (nearly ₹ 1,488 crores).
Raising of funds worth $240 million
In its latest funding round, led by Reliance Retail Ventures Ltd (RRVL) – the retail arm of Reliance Industries, Dunzo raised $240 million, the two companies said in a joint statement.
Existing investors Lightbox, Ligthrock, 3L Capital, and Alteria Capital also participated in the funding round.
“With an investment of $200 million, Reliance Retail will own 25.8 percent stake,” the statement mentioned.
Isha Ambani’s statement
Isha Ambani, Director, Reliance Retail, 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.”
Morgan Stanley acted as exclusive financial advisor and Cyril Amarchand Mangaldas acted as legal counsel to Dunzo. AZB & Partners acted as legal counsel to RRVL and Deloitte, Haskins & Sells LLP provided financial due diligence services.
Launch of ‘Dunzo Daily’
Earlier in 2021, Dunzo introduced its instant delivery model ‘Dunzo Daily’ in Bengaluru that aims to deliver daily and weekly essentials within 15-20 minutes.
Kabeer Biswas, Chief Executive Officer (CEO) and Co-Founder, Dunzo, 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 and weekly essentials.”
