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Dunzo raises USD 240 million in latest round of funding

Friday, 07 Jan 2022
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Dunzo has raised USD 240 million in its latest round of funding. The investment was led by Reliance Retail Ventures (Reliance Retail), with participation from the existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital. 
 
With an investment of USD 200 million, Reliance Retail will own 25.8 percent stake on a fully diluted basis. 
 
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. 
 
At present, Dunzo is available across seven Metro cities in India and the additional capital will be used to expand the quick commerce business to 15 cities. 
 
Dunzo launched its instant delivery model ‘Dunzo Daily’ in Bengaluru earlier in 2021, which is seeing over 20 percent W-o-W growth. The Dunzo Daily model delivers daily and weekly essentials within 15-20 minutes, with a focus on providing high quality fruits and vegetables. 
 
In addition to the funding, Dunzo and Reliance Retail will also enter into certain business partnerships.  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. 
 
Morgan Stanley acted as exclusive financial advisor and Cyril Amarchand Mangaldas acted as legal counsel to Dunzo. AZB & Partners acted as legal counsel to RRVL and Deloitte, Haskins & Sells LLP provided financial due diligence services.
 
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