PE Fund Investments
Delivery services startup Dunzo raises $240-M from Reliance Retail, others
Bengaluru-based “quick commerce†startup Dunzo has raised USD 240 million in a funding round led by Reliance Retail Ventures Ltd, with participation from existing investors Lightbox, Lightrock India, 3L Capital and Alteria Capital. With an investment of USD 200 million, Reliance Retail, a subsidiary of publicly listed Reliance Industries Ltd, will own a 25.8% stake in Dunzo (on a fully diluted basis). Dunzo will use the new funds to further its plan 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. Under the deal, Dunzo will enable hyperlocal logistics for the retail stores operated by Reliance Retail. It 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 Reliance Retail and Deloitte, Haskins & Sells provided financial due diligence services.
From the Venture Intelligence PE-VC Deal Database: Between Sep-15 and Aug-20, Dunzo had raised over USD 125 million from Evolvence India, Lightrock India, Lightbox, CapitalG, Pivot Ventures, STIC Ventures, Blume Ventures, RAAY Global Investments, Alteria Capital, Kalpavriksh Fund, Greyhound Capital and Raintree Ventures. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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