Home Business Reliance Retail Buys 25.8 Per Cent Stake In Dunzo For $200 Million

Reliance Retail Buys 25.8 Per Cent Stake In Dunzo For $200 Million

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Mumbai: Billionaire Mukesh Ambani-led Reliance Retail has acquired a big 25.8 per cent stake in India’s main fast commerce participant Dunzo for $200 million, pushing the start-up to a different unicorn within the making. 

Present traders Lightbox, Lightrock, 3L Capital, and Alteria Capital pumped one other $40 million into the corporate within the newest fundraising spherical, reaffirming present and new traders’ religion in Dunzo’s potential and skill to ship a implausible person expertise. 

“The funds shall be used to assist Dunzo obtain its purpose of changing into India’s largest speedy commerce firm by enabling prompt supply of necessities from a community of micro warehouses and increasing its B2B enterprise vertical to offer logistics for native retailers in Indian cities,” mentioned an organization assertion. 

In India, Dunzo has established itself because the trade chief within the speedy commerce class, with a market alternative of greater than $50 billion.

Dunzo is at present accessible in seven Indian metro cities; the extra funds shall be used to broaden the speedy commerce firm to different 15 places.

Dunzo began its quick supply mannequin, ‘Dunzo Every day’, in Bengaluru earlier this yr, and it has seen a week-on-week rise of greater than 20 per cent. The Dunzo Every day mannequin, which focuses on supplying high-quality vegetables and fruit, delivers each day, and weekly necessities in 15-20 minutes.

Partnership With Reliance Retail

Along with the funding, Dunzo and Reliance Retail will even enter into particular enterprise partnerships.

Dunzo will allow hyperlocal logistics for the retail shops operated by Reliance Retail, additional including to Reliance Retail’s omnichannel capabilities. Dunzo will even facilitate last-mile deliveries for JioMart’s service provider community.

Talking on the funding, Isha Ambani, director, Reliance Retail Ventures Restricted, mentioned, “We’re seeing a shift in consumption patterns to on-line and have been extremely impressed with how Dunzo has disrupted the area. Dunzo is the pioneer of fast commerce in India, and we need to assist them in furthering their ambitions of changing into a distinguished native commerce enabler within the nation. By way of our partnership with Dunzo, we can present elevated comfort to Reliance Retail’s customers and differentiated buyer expertise by speedy supply of merchandise from Reliance Retail shops. Our retailers will get entry to the hyperlocal supply community of Dunzo to assist their progress as they transfer their enterprise on-line by Jio Mart.”

Kabeer Biswas, CEO and co-founder, Dunzo, mentioned, “Since our inception, we now have been razor-focused on offering an unmatched buyer expertise, and this funding spherical is a powerful validation of our method. I’m pleased with the crew for tirelessly constructing this class over the previous three years and grateful to our traders for his or her continued assist. With this funding from Reliance Retail, we can have a long-term associate with whom we will speed up progress and redefine how Indians store for his or her each day and weekly necessities. We’re excited by the traction and velocity that Dunzo Every day has achieved, and over the subsequent 3 years, we purpose to determine ourselves as probably the most dependable fast commerce suppliers within the nation.”

Morgan Stanley acted as an unique monetary advisor, and Cyril Amarchand Mangaldas served as authorized counsel to Dunzo. AZB & Companions acted as authorized counsel to RRVL and Deloitte, Haskins & Sells LLP offered monetary due diligence providers.

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