Impressed by Bengaluru-based Startup, Reliance took 25.8% Stake in Dunzo
Reliance Retail has invested $200 million in quick commerce firm Dunzo. With this investment, Reliance will have a 25.8% stake in the Bengaluru-based startup. Dunzo has raised a total of $240 million in funding in this round. Existing investors Lightbox, Light rock, 3L Capital and Alteria Capital also participated in this round of funding along with Reliance Retail.
Reliance Retail has said that this capital will be used to advance Dunzo's vision of becoming the largest quick commerce business in the country. In this, immediate delivery of essential commodities can be done from the network of micro-warehouses. Dunzo will also expand its B2B business vertical to enable logistics for local merchants across various cities in India.
Dunzo - B2B Business
Isha Ambani, Director, Reliance Retail Ventures Limited said, “We are seeing a change in the online consumption pattern and have been very impressed with the work Dunzo has done in this area. Dunzo is a pioneer of Quick Commerce in India and we look forward to supporting it in pursuing its ambitions of becoming leading local commerce in the country.” He further added that with the partnership with Dunzo, Reliance will be able to offer its retail consumers greater convenience and an experience of faster delivery of products from Reliance Retail stores. "The merchants associated with us will be able to access Dunzo's hyperlocal delivery network from a growth perspective of their business as they are bringing their business online through JioMart," he added.
Kabir Biswas, Co-Founder and CEO, Dunzo said, “With this investment from Reliance Retail, we will have a long-term partner with whom we will be able to accelerate growth and define what Indians do on their daily and weekly basis. How to shop for essentials (Daily & weekly essentials). We are excited by the fame Dunzo Daily has achieved so far and we aim to be the most trusted quick commerce provider in the country in the next 3 years.”
Kabir Biswas, Co-Founder and CEO, Dunzo
Dunzo is a delivery app that delivers anything you need to your doorstep in less than 60 working minutes. Be it food delivery or grocery shopping, essential medicines, personal parcels, Pet Supplies Dunzo is the only solution for all. A big delivery company like Swiggy is giving tough competition to Zomato these days.
Dunzo was founded in July 2014 by Kabir Vishwas, an alumnus of the University of Mumbai. Dunzo started as a small WhatsApp group, and later evolved into a hyperlocal delivery app. Dunzo has been invested by Bloom Ventures, Espada Ventures, Rajan Anandan, Google India. With the help of the Dunzo app, you can get many essential items for home delivery at home.
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