Tuesday, May 17, 2022
News

Dunzo raises $240 mn led by Reliance Retail Ventures to expand business

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Thursday, 2022 11:45:08 PM IST
E-commerce player Dunzo on Thursday raised $240 million to expand its footprint in India.

The freshly raised funds will be used in enabling instant delivery of essentials from a network of micro warehouses while also expanding its 'B2B' business vertical to enable logistics for the local merchants.

Currently, Dunzo is available across seven metro cities in India and the additional capital will be used to expand its business to 15 cities.

The investment was led by Reliance Retail Ventures, with participation from existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital.

With an investment of $200 million, Reliance Retail will own 25.8 per cent stake on a fully diluted basis.

"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 at Reliance Retail Ventures.

"Through our partnership with Dunzo, we will be able to provide increased convenience to Reliance Retail's consumers and differentiated customer experience through rapid delivery of products from Reliance Retail stores," she added.

The 'Dunzo Daily' model delivers daily and weekly essentials within 15-20 minutes, with a focus on providing high-quality fruits and vegetables.

"We're excited by the traction and velocity that 'Dunzo Daily' has achieved and over the next three years, we aim to establish ourselves as one of the most reliable quick commerce providers in the country," said Kabeer Biswas, CEO and Co-founder at Dunzo.

--IANS ad-rv/arm

( 282 Words)

2022-01-06-17:54:05 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
HarperCollins is proud to announce the r...
Kerala rights body pulls up LSG for not ...
Xiaomi India paid Rs 4,663 cr to Qualcom...
Elon Musk, Parag Agrawal spar on Twitter...
Magic EdTech achieves ISO 27001:2013 cer...
Rajeev Chandrasekhar, Minister of State ...
More...
 
INDIA WORLD ASIA
Fault lines widening amongst Indian Musl...
2017 Actor Assault Case: Sarath gets bai...
CPI(M-L) wants Left unity in Bengal sans...
Rahul's jibe at regional parties critici...
Gyanvapi Masjid case: Shivling claim 'at...
Goa's talent shouldn't go 'out': CM Sawa...
More...    
 
 Top Stories
Pakistan: Police registers FIR in S... 
Boulders fall on NH7, Char Dham Yat... 
Rajeev Chandrasekhar, Minister of S... 
IISc and TalentSprint forge ahead i... 
Amit Shah holds high-level meeting ... 
SC directs ED to interrogate TMC le... 
Ramayana fame Ashok Vatika faces fi... 
IWL: Gokulam Kerala to lock horns a...