News Synopsis
Reliance Industries share price saw a surge in its share price after the company’s subsidiary Reliance Retail Venture bought a 25.8% stake in Dunzo for $200 million, the online delivery service platform. Dunzo raised $240 million in its latest funding round that was led by Reliance Retail Ventures along with other existing investors. Other than funding, Reliance Retail also entered into a certain business partnership with Dunzo. Now, Dunzo will enable hyperlocal logistics for the retail stores that are operated by Reliance Retail. It will also provide the last mile facilities to JioMart’s merchant network.
Isha Ambani, the director of Reliance Retail Ventures has said that they hope to provide convenience to the customers with rapid delivery of products from Reliance Retail stores. She also said that the merchants will get access to the hyperlocal delivery network of Dunzo to support their growth as they move their business online through Jio Mart.
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