Dunzo, India’s main fast commerce participant, has raised $240 million in its newest spherical of funding. The funding was led by Reliance Retail Ventures Restricted, with participation from current traders Lightbox, Lightrock, 3L Capital and Alteria Capital. With an funding of $200 million, Reliance Retail will personal 25.8% stake on a totally diluted foundation. “This spherical is a reinstatement of confidence of current and new traders in Dunzo’s potential and success in creating an distinctive person expertise. The capital will likely be used to additional Dunzo’s imaginative and prescient to be the biggest fast commerce enterprise within the nation, enabling prompt supply of necessities from a community of micro warehouses whereas additionally increasing its B2B enterprise vertical to allow logistics for native retailers in Indian cities,” stated a press launch.
Presently, Dunzo is offered throughout 7 metro cities in India and the extra capital will likely be used to broaden the short commerce enterprise to fifteen cities. Dunzo launched its prompt supply mannequin ‘Dunzo Every day’ in Bengaluru earlier this 12 months, which is seeing over 20% week on week development. The Dunzo Every day mannequin delivers every day and weekly necessities inside 15-20 minutes, with a concentrate on offering prime quality vegetables and fruit.
Along with the funding, Dunzo and Reliance Retail will even enter into sure enterprise partnerships. Dunzo will allow hyperlocal logistics for the retail shops operated by Reliance Retail, additional including onto Reliance Retail’s omni-channel capabilities. Dunzo will even facilitate final mile deliveries for JioMart’s service provider community.
Talking on the funding, Isha Ambani, Director, Reliance Retail Ventures Restricted, stated, “We’re seeing a shift in consumption patterns to on-line and have been extremely impressed with how Dunzo has disrupted the area. Dunzo is the pioneer of Fast Commerce in India and we wish to help them in furthering their ambitions of changing into a outstanding native commerce enabler within the nation. By our partnership with Dunzo, we can present elevated comfort to Reliance Retail’s customers and differentiated buyer expertise via fast supply of merchandise from Reliance Retail shops. Our retailers will get entry to the hyperlocal supply community of Dunzo to help their development as they transfer their enterprise on-line via Jio Mart.”
Kabeer Biswas, CEO and Co-Founder, Dunzo, stated, “Since our inception, now we have been razor targeted on offering an unmatched buyer expertise and this funding spherical is a powerful validation of our method. I’m happy with the workforce for tirelessly constructing this class over the previous three years and grateful to our traders for his or her continued help. With this funding from Reliance Retail, we may have a long-term associate with whom we are able to speed up development and redefine how Indians store for his or her every day & weekly necessities. We’re excited by the traction and velocity that Dunzo Every day has achieved and over the following 3 years, we purpose to ascertain ourselves as one of the crucial dependable fast commerce suppliers within the nation.”
Morgan Stanley acted as unique monetary advisor and Cyril Amarchand Mangaldas acted as authorized counsel to Dunzo. AZB & Companions acted as authorized counsel to RRVL and Deloitte, Haskins & Sells LLP offered monetary due diligence companies.
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