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Reliance Retail Buys 25.8% Stake in Online Delivery Platform Dunzo For Rs 1,488 Crore
It must be noted that Dunzo is a leading player in the quick commerce category which has an addressable market opportunity of over $50 billion.
Mumbai: Reliance Retail on Thursday purchased a 25.8 per cent stake in online delivery platform Dunzo for $200 million (around Rs 1,488 crore) as the retail firm is planning to expand its presence in online grocery delivery business.
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On the other side, the Dunzo has also raised $240 million (about Rs 1,787 crore) in its latest funding round that was led by Reliance Retail Ventures Ltd(RRVL) – the retail arm of Reliance Industries, the two firms said in a statement.
As per a report by news agency PTI, the current investors Lightbox, Lightrock, 3L Capital and Alteria Capital participated in the funding round. “With an investment of $200 million, Reliance Retail will own 25.8 per cent stake,” the statement said.
Apart from funding, Dunzo and Reliance Retail said they will also enter into certain business partnerships. Dunzo said it will enable hyperlocal logistics for the retail stores operated by RRVL, further adding onto Reliance Retail’s omni-channel capabilities. Dunzo also said it will facilitate last mile deliveries for JioMart’s merchant network.
“We are seeing a shift in consumption patterns to online and have been highly impressed with how Dunzo has disrupted the space. Dunzo is the pioneer of Quick Commerce in India and we want to support them in furthering their ambitions of becoming a prominent local commerce enabler in the country,” RRVL Director Isha Ambani said in a statement.
She added that through the partnership with Dunzo, the company 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.
It must be noted that Dunzo is a leading player in the quick commerce category which has an addressable market opportunity of over $50 billion. At present, Dunzo is available across seven metro cities in India and the additional capital will be used to expand the quick commerce business to 15 cities, the statement said.