The retail arm of Reliance Industries Limited (RIL) has invested $200 million in online delivery platform Dunzo as it tries to gain a foothold for faster delivery in the country’s fast-growing market.
Reliance Retail has acquired 25.8 per cent stake in Dunzo for $200 million (about Rs 1,488 crore).
Dunzo raised $240 million in its latest funding round led by Reliance Retail Ventures Ltd.
Existing investors Lightbox, Ligthrok, 3L Capital and Alteria Capital also participated in the funding round.
“This round is a restoration of existing and new investors’ confidence in Dunzo’s potential and success in creating an exceptional user experience. The capital will be used to advance Dunzo’s vision to be the largest accelerated commerce business in the country, thereby driving forward the With a network of micro warehouses expanding their B2B business vertical to enable logistics for local merchants across Indian cities,” the two entities said in a statement.