Reliance Retail has led a $240 million funding round in Google-backed hyperlocal delivery startup Dunzo as the largest Indian retail chain aggressively expands its offerings.
Reliance Retail is investing $200 million in the round for a 25.8% stake in the five-year-old startup, which operates an eponymous hyper-local delivery service in nearly a dozen cities in India. The new round, a name for which was not disclosed, values the Bangalore-based startup at $775 million.
“We are seeing a shift in consumption patterns online and have been highly impressed with how Dunzo has disrupted the space. Dunzo is the pioneer of Quick commerce in India and we want to support them in furthering their ambitions of becoming a prominent local commerce enabler in the country,” said Isha Ambani, Director of Reliance Retail Ventures Limited, in a statement.
“Our merchants will get access to the hyperlocal delivery network of Dunzo to support their growth as they move their business online through Jio Mart,” she added.
This is a developing story. More to follow…