Reliance Industries Ltd’s retail arm bought 25.8% shares in an on-demand delivery start-up, Dunzo for 200 milion dollars in the latest round of funding today. The Bengaluru based company raised a total of $240 M in the round led by Reliance Retail with participation from Lightbox, Light rock, 3L Capital and Alteria.
In addition to the funding, Reliance and dunzo will also enter into certain business partnerships. Dunzo will enable hyperlocal logistics for retail stores operated by Reliance Retail, further adding to Reliance retail omnichannel capabilities. Dunzo will also facilitate last-mile deliveries for the Jio marts merchant network.
“Through our partnership with Dunzo, we will be able to provide increased convenience to Reliance Retail’s consumers and differentiated customer experience through the rapid delivery of products from Reliance Retail stores,” says Isha Ambani, Director, Reliance Retail Ventures.
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.”
It is highly anticipated that the trading is done to overcome the competition from the competitors like Swiggy and other delivery platforms and emerge as country largest quick commence in the country.
Dunzo is an Indian company that provides delivery services in 8 Indian cities namely- Bengaluru, Delhi, Gurugram, Pune, Chennai, Jaipur, Mumbai and Hyderabad. The company also operates a Bike Taxi service in Gurugram. It is headquartered in Bengaluru, Karnataka, India. In 2017, it was backed by Google.