(Bloomberg) -- Mukesh Ambani's conglomerate purchased a 25.8% stake in Bangalore-based delivery company, Dunzo, for $200 million as Asia's richest man seeks to boost his retail portfolio in one of the world's largest consumer markets.
Dunzo raised $240 million in its latest round of funding led by Reliance Industries Ltd. unit Reliance Retail Ventures Ltd. along with existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital.
Dunzo and Reliance Retail will also enter into a partnership where the former will enable hyperlocal logistics for retail stores operated by Reliance Retail, the conglomerate said in a statement Thursday.
The move is part of the tycoon's wider ambition to grab a larger share of India's growing formal retail space with his e-commerce venture JioMart.
“Our merchants will get access to the hyperlocal delivery network of Dunzo to support their growth as they move their business online through JioMart,” Isha Ambani, director, Reliance Retail Ventures, said in the statement.
Dunzo, which is present in the top seven Indian cities, connects merchants, partners, and users to facilitate transactions across courier, e-commerce and merchant logistics.
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