Dunzo has raised $240 million in its latest funding round led by Reliance Retail.
New Delhi:
Reliance Retail has acquired a 25.8% stake in India’s leading fast commerce company Dunzo for $200 million (nearly Rs 1,488) as it wants to expand its presence in the grocery delivery business. chemical.
The delivery company has raised $240 million in its latest funding round led by Reliance Retail Ventures Ltd (RRVL), the retail arm of Reliance Industries, the two companies said in a joint statement.
Existing investors Lightbox, Ligthrock, 3L Capital and Alteria Capital also participated in the round.
“With an investment of $200 million, Reliance Retail will own a 25.8% stake,” the statement said.
Isha Ambani, Director, Reliance Retail Ventures Limited, said, “Through our partnership with Dunzo, we will be able to provide more convenience for Reliance Retail consumers and a different customer experience. differentiated through prompt delivery of products from Reliance Retail stores.Our merchants will gain access to Dunzo’s hyper-local delivery network to support their growth as they move operations. online business through Jio Mart.”
Morgan Stanley acted as exclusive financial advisor and Cyril Amarchand Mangaldas acted as legal counsel to Dunzo. AZB & Partners acted as legal counsel to RRVL and Deloitte, Haskins & Sells LLP provided due diligence services.
Earlier this year, Dunzo launched its ‘Dunzo Daily’ instant delivery model in Bengaluru. The Dunzo Daily model aims to provide daily and weekly necessities within 15-20 minutes.
Kabeer Biswas, Chief Executive Officer (CEO) and Co-Founder, Dunzo, said, “With this investment from Reliance Retail, we will have a long-term partner with whom we can accelerate growth and identify redefining the way Indians shop on a daily and weekly basis. The essentials.”
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