Dunzo raised $240 million in its latest funding round led by Reliance Retail, which invested $200 million for a 25.8 percent stake in the quick commerce startup, a press release from Reliance revealed. This makes the oil-to-telecom conglomerate the biggest shareholder in the startup and values Dunzo at $775 million, up from about $300 million. Dunzo started in 2014 as a hyperlocal, app-based delivery platform that picked and dropped packages but has since expanded to delivering grocery and food. The company in 2017 received funding from Google in what was the US giant's first direct investment in a startup in India. Dunzo's latest offering is Dunzo Daily, which launched in Bengaluru last August, and promises grocery delivery in 19 minutes. What's in it for Reliance? With this investment, Reliance has officially entered the rapidly growing quick commerce segment joining players like Blinkit (formerly Grofers), Swiggy's Instamart, Zepto, and Tata-owned Big Basket. This segment has an addressable market opportunity of $50+ billion, Reliance said. Reliance will also leverage Dunzo's hyperlocal logistics for delivery of products from its retail stores and JioMart merchants, the company said. Speaking on the investment, Isha Ambani, Director, Reliance Retail Ventures Limited, said: “We are seeing a shift in consumption patterns to online and have been highly impressed with how Dunzo has disrupted the space. [...] 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. Our merchants…
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