Asia’s Richest Man Invests $200 Million in E-Commerce Startup
(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.
©2022 Bloomberg L.P.
-
India's Troika Of Good Luck | Joining The Dots
A weaker Trump, a cooling AI trade and resilient earnings have put Indian markets back in favour. Rising inflation could spoil the party.
-
Talking Points This Week: Leadership Shock At Nvidia, Earnings Strength, And The Fog Over Hormuz
The Anthropic IPO pricing and first trading day, Nvidia's upcoming earnings, and any fresh signals from Iran will set the tone for the following week.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
