Reliance Retail obtains 26% in Dunzo for $200 million
Dunzo is known for the concept of delivering almost anything to anyone within a city, has raised $240 million in a funding round led by Reliance Retail Ventures. and on its own Reliance Retail has invested $200 million for a 25.8% stake in the Bengaluru venture.
Dunzo will use the funds to strengthen its position in the quick commerce (Q-comm) business by enabling instant delivery of essentials from a network of micro warehouses, and to expand its B2B business vertical that provides logistics for local merchants in Indian cities.
Under the partnership with Reliance Retail, Dunzo will provide hyperlocal logistics for the retail stores operated by Reliance, and facilitate last-mile deliveries for JioMart's merchant network.
Dunzo launched its instant delivery model 'Dunzo Daily' in Bengalu previously in this year.
Dunzo CEO and co-founder Kabeer Biswas 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."