Reliance Retail Ventures Limited (RRVL) has invested $200 million in Dunzo, a leading player in the quick commerce category. With the investment, RRVL will own a 25.8 per cent stake in the online delivery platform on a fully diluted basis, Trend reports citing India Today.
In the latest round of funding, Dunzo has managed to raise $240 million with RRVL leading from the front. Existing investors such as Lightbox, Lightrock, 3L Capital and Alteria Capital also participated in the latest funding round.
“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,” said a statement issued by Reliance Retail.
In addition to the funding, Dunzo and Reliance Retail will also enter into certain business partnerships, said the statement.
“Dunzo will enable hyperlocal logistics for the retail stores operated by Reliance Retail, further adding onto Reliance Retail’s omni-channel capabilities. Dunzo will also facilitate last mile deliveries for JioMart’s merchant network,” the statement added.