Reliance Retail acquires 25.8% stake in Dunzo, leads $240M round
The Bengaluru-based service delivery platform Dunzo today announced an increase of $ 240 million (approximately Rs 1,786 crore) in a new round of $ 775 million funded by new and existing investors, approaching the unicorn launch.
Reliance Retail led a new round, investing $ 200 million in a fully purified 25.25% stake at the start of delivery. Existing investors, including Alteria Capital, Lightbox, Lightrock, and 3L Capital, also participated in this cycle.
In this regard, Dunzo will work with Reliance Retail to enable hyperlocal logistics in Reliance Retail stores and add to the omnichannel Reliance Retail capabilities. In addition, the Bengaluru-based company will also provide end-to-end delivery to the JioMart merchant network.
Dunzo, who has raised more than $ 268 million, says the proceeds will be used to strengthen his vision of being the fastest-growing business in the country, allowing faster service delivery in a small network of stores while expanding its B2B. vertical business to enable the delivery of local retailers to cities in India.
Currently, Implementation operates in seven major cities, including Mumbai, Bengaluru, Chennai, New Delhi, Hyderabad, Gurgaon, Pune, and aims to expand to 15 other cities.
Founded in 2015 by Kabeer Biswas, Ankur Agarwal, Dalvir Suri, and Mukund Jha, the Delivery Company provides a wide range of delivery services to its customers such as groceries, food, medicine, pet services, etc.
Earlier this year, Dunzo unveiled her ‘immediate delivery model’ ‘Dunzo Daily’ in Bengaluru, growing by more than 20% weekly, she said. According to Dunzo Daily, the delivery company focuses on delivering daily and weekly needs within 15-20 minutes.
“Dunzo is a pioneer of Quick Commerce in India and we want to support her in furthering her ambition to become the world’s leading trading company,” said Isha Ambani, Director of Reliance Retail Ventures Limited.
“Through our partnership with Dunzo, we will be able to provide Reliance Retail customers with extra comfort and unique customer experience by delivering faster products from Reliance Retail stores. Our vendors will gain access to the Dunzo hyperlocal delivery network to support their growth as they market their business online through Jio Mart, ”he adds.
Commenting on the development, Kabeer Biswas, CEO & Co-founder, Dunzo, said:
“Since its inception, we have focused on providing the customer with unparalleled information and this support cycle is a strong guarantee of our approach. I am proud of the team for building this team tirelessly over the past three years and thank our investors for their continued support. ”
“We are pleased with the performance and speed achieved by Dunzo Daily and over the next 3 years, we aim to prove ourselves as the most reliable and reliable supplier in the country,” added Kabeer.
According to the company, US-based Morgan Stanley has served as a special financial advisor and Cyril Amarchand Mangaldas has served as legal adviser to Dunzo.
AZB & Partners has served as legal advisor to RRVL and Deloitte, Haskins & Sells LLP has provided financial diligence services.
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