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Reliance Retail picks 25.8% stake in Dunzo
Reliance Retail picks 25.8% stake in Dunzo
Reliance Retail has bought a 25.8 per cent stake in Dunzo, India's leading quick commerce player, for $200 million (around Rs 1,488 crore) as it looks to expand its presence in online grocery delivery business
New Delhi: Reliance Retail has bought a 25.8 per cent stake in Dunzo, India's leading quick commerce player, for $200 million (around Rs 1,488 crore) as it looks to expand its presence in online grocery delivery business. Dunzo has raised $240 million (about Rs 1,787 crore) in its latest funding round that was led by Reliance Retail Ventures Ltd(RRVL) - the retail arm of Reliance Industries, the two firms said in a statement. Existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital also participated in the funding round. "With an investment of USD 200 million, Reliance Retail will own 25.8 per cent stake," the statement said.
In addition to the funding, Dunzo and Reliance Retail will also enter into certain business partnerships. Dunzo will enable hyperlocal logistics for the retail stores operated by RRVL, further adding onto Reliance Retail's omni-channel capabilities. Dunzo will also facilitate last mile deliveries for JioMart's merchant network. The capital will be used to further Dunzo's vision to be the largest quick commerce business in the country, enabling instant delivery of essentials from a network of micro warehouses while also expanding its B2B business vertical to enable logistics for local merchants in Indian cities, RRVL Director Isha Ambani said.
The Dunzo Daily model delivers daily and weekly essentials within 15-20 minutes, with a focus on providing high quality fruits and vegetables.
According to a RedSeer report, the quick commerce sector in India is expected to grow to USD 5 billion by 2025 from the current USD 0.3 billion. The report said quick commerce is growing in India on the back of trends like a shift in consumer behaviour, entry of big players like BigBasket and Blinkit , and rise of instant delivery platforms.
