India's Reliance picks up 26% stake in instant-delivery firm Dunzo for $200m

India's Reliance picks up 26% stake in instant-delivery firm Dunzo for $200m

Dunzo founders (from left) Ankur Aggarwal, Mukund Jha, Kabeer Biswas and Dalvir Suri.

Reliance Industries Ltd’s retail arm has invested $200 million for a 25.8% stake in Indian online delivery platform Dunzo to get a foothold into the rapidly growing market of superfast dispatch of household goods.

Billionaire Mukesh Ambani-owned Reliance Industries said on Thursday its retail arm led a $240 million funding round in Bengaluru-based Dunzo which offers lightning-fast delivery of groceries and medicines and even offers to pick up and drop off documents and other items.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter