Mukesh Ambani’s Reliance Retail has invested $200 million, or round Rs 1,488 crore in Bengaluru-based fast commerce participant Dunzo for a 25.8 per cent stake on a completely diluted foundation. The transfer will assist Reliance get a foothold within the nation’s rising fast supply market.
Dunzo raised a complete of $240 million on this newest spherical led by Reliance Industries Ltd arm. The opposite current buyers had been Lightbox, Ligthrock, 3L Capital and Alteria Capital, who participated within the spherical.
The funding might be used to strengthen Dunzo’s imaginative and prescient to excel within the fast commerce enterprise, enabling on the spot supply of necessities from a community of micro warehouses whereas additionally increasing its B2B enterprise vertical to allow logistics for native retailers in Indian cities, RIL mentioned in an announcement.
Along with this funding, Dunzo and Reliance Retail may also enter into sure enterprise partnerships. Dunzo will allow hyperlocal logistics for the retail shops operated by Reliance Retail, additional including onto Reliance Retail’s omni-channel capabilities. Dunzo may also facilitate final mile deliveries for JioMart’s service provider community.
Isha Ambani, Director, Reliance Retail Ventures Restricted, mentioned, “We’re seeing a shift in consumption patterns to on-line and have been extremely impressed with how Dunzo has disrupted the house. By our partnership with Dunzo, we will present elevated comfort to Reliance Retail’s shoppers and differentiated buyer expertise via fast supply of merchandise from Reliance Retail shops. Our retailers will get entry to the hyperlocal supply community of Dunzo to help their progress as they transfer their enterprise on-line via Jio Mart.”
Morgan Stanley acted as unique monetary advisor and Cyril Amarchand Mangaldas acted as authorized counsel to Dunzo. AZB & Companions acted as authorized counsel to RRVL and Deloitte, Haskins & Sells LLP supplied monetary due diligence providers.