Reliance Industries Limited’s retail arm has invested $200 million in Bengaluru-based Dunzo. This capital push will help Dunzo grow and become “the largest accelerated commerce business in the country.”
Dunzo, a popular name amongst the youth for instant delivery, raised $240 million in the latest funding round led by Reliance Retail. Dunzo’s existing investors Lightbox, LightRock, 3L Capital and Alteria Capital also participated in the round.
The funding will help Dunzo in quick delivery of essential commodities from its network of micro warehouses. In addition, it will also expand its B2B business vertical to enable logistics for local merchants in Indian cities. “This round is a re-instatement of existing and new investors’ confidence in Dunzo’s potential and success in creating an exceptional user experience,” Reliance Retail said in a statement.
Available across seven metro cities in India, Dunzo has already established itself as the market leader in the quick commerce category. With the latest capital inflows, the platform aims to reach out to 15 cities.
In addition to the funding, Dunzo and Reliance Retail will also enter into some business partnerships. Dunzo will enable hyperlocal logistics for retail stores operated by Reliance Retail, and will further enhance the omni-channel capabilities of Reliance Retail. Dunzo will also facilitate last mile delivery for JioMart’s merchant network.
Speaking on the investment, Isha Ambani, Director, Reliance Retail Ventures Ltd. said, “We are seeing a shift in consumption patterns online and we have been very impressed by how Dunzo has disrupted the space. Dunzo is a pioneer of Quick Commerce in India and we look forward to supporting them in pursuing their ambitions of becoming a leading local commerce promoter in the country.”
“Through our partnership with Dunzo, we will be able to offer Reliance Retail consumers greater convenience and differentiated customer experiences through faster delivery of products from Reliance Retail stores. Our merchants will have access to Dunzo’s hyperlocal delivery network to support their growth as they move their business online through Jio Mart,” she said.
“Since our inception, we have been focused on providing an unmatched customer experience and this funding round is a great validation of our vision. With this investment from Reliance Retail, we will have a long-term partner with whom we can accelerate growth and define how Indians shop for their daily and weekly essentials. We are excited by the traction and velocity that Dunzo Daily has gained and over the next 3 years, we aim to establish ourselves as one of the most trusted instant commerce providers in the country,” said Kabir Biswas, CEO & Co- Founder, said. Dunzo.
Dunzo is a hyperlocal quick commerce company that connects merchants, partners and users to facilitate transactions across courier, e-commerce and merchant logistics. It is backed by Reliance Retail, Google, Bloom Ventures, Espada Investments, LightRock, Lightbox Ventures, STIC Ventures, Alteria and 3L Capital. In 2021, Dunzo established the Dunzo Daily model using a network of micro fulfillment warehouses.
Morgan Stanley acted as special financial advisor and Cyril Amarchand Mangaldas acted as legal advisor to Dunzo. AZB & Partners acted as legal advisor to RRVL and Deloitte, Haskins & Sells LLP provided financial due diligence services.
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