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BUSINESS EYE JANUARY 21, 2022 | The Indian Eye 42

mukesh ambani’s makes

a $98-million mark on new york skyline

Dunzo raises $240 million in its latest round of funding led by Reliance Retail

Ventures Limited (Reliance Retail)

OUR BUREAU commerce business in the country,
enabling instant delivery of essentials
New York/Mumbai
from a network of micro warehouses
ndia’s Reliance Industries, owned while also expanding its B2B business
by Asia’s second richest man vertical to enable logistics for local
IMukesh Ambani, has agreed to merchants in Indian cities, it added.
buy an indirect 73.37 per cent stake Commenting on the investment
worth US$98 million in New York deal, Isha Ambani, Director, Reli-
City’s Mandarin Oriental hotel. It’s ance Retail Ventures Limited, said,
the second big ticket purchase in the “We are seeing a shift in consumption
hospitality sector by Reliance, an oil-to- patterns to online and have been
telecoms conglomerate, that last year highly impressed with how Dunzo
bought Stoke Park, which owns and has disrupted the space. Dunzo is the
manages a hotel and sports and leisure Reliance Industries Chairman Mukesh Ambani interacts with his wife Nita Ambani at the 44th pioneer of Quick Commerce in India
facilities in Britain’s Buckinghamshire. Annual General Meeting of Reliance Industries Limited in Mumbai (ANI) and we want to support them in fur-
Ambani, 65, also has stakes in In- thering their ambitions of becoming a
dia’s premier hotel chain – the Oberoi These include Roseate House Lon- tors Lightbox, Lightrock, 3L Capital prominent local commerce enabler in
– and is building a state-of-the-art con- don next to the famous Hyde Park in and Alteria Capital. With an invest- the country.”
vention Centre hotel in the country’s central London and two other devel- ment of $200 million, Reliance Retail “Through our partnership with
financial hub Mumbai. opments in the town of Reading and will own 25.8 per cent stake on a ful- Dunzo, we will be able to provide
Inspired by the success of hote- city of Bath. ly diluted basis, Dunzo and Reliance increased convenience to Reliance
liers like the Oberois and Tatas, many Meanwhile, Dunzo, a leading Retail said in a joint statement. Retail’s consumers and differentiated
younger Indian hotel proprietors too player in the quick commerce catego- “This round is a reinstatement of customer experience through rapid
have waded into foreign waters. Bird ry, announced on Thursday that it has confidence of existing and new inves- delivery of products from Reliance
Group’s Ankur Bhatia, who died raised $240 million in its latest round tors in Dunzo’s potential and success Retail stores. Our merchants will
at age 48 last year, invested near- of funding led by Reliance Retail in creating an exceptional user experi- get access to the hyperlocal delivery
ly US$600 million in acquiring and Ventures Limited (Reliance Retail). ence,” it said. network of Dunzo to support their
sprucing up three heritage properties The latest round of funding also The capital will be used to further growth as they move their business
across Britain when he was barely 40. got participation from existing inves- Dunzo’s vision to be the largest quick online through Jio Mart,” she said.

relIance’s GrOWInG eMPIre

ome of the recent investments November 2020: Reliance Retail ac-
and acquisitions made by Reli- quired equity shares of UrbanLadder
sance Industries and its subsidiar- for a cash consideration of Rs 182.12
ies in the technology and startup space: crore giving it a 96% holding in the
January 2022: Reliance Retail said furniture etailer.
it led a $240 million funding round August 2020: Reliance Retail ac-
in quick commerce firm Dunzo and quired a majority equity stake in
now owns 25.8% stake in the Bengal- Netmeds’ parent Vitalic for approx-
uru-based startup imately Rs 620 crore.
July 2021: Reliance Retail acquired the December 2019: RIL said its subsidi-
25-year-old search and discovery firm ary Reliance Strategic Business Ven-
Just Dial. tures Ltd (RSBVL) picked up 85%
August 2021: Milkbasket, a hyperlocal stake in NowFloats Technologies for
delivery startup, had finalized its sale to a cash consideration of Rs 141.63
Reliance for around $40 million, after crore.
protracted discussions and sharehold- February 2019: Reliance Indus-
ers disagreement. tries-controlled Reliance Industrial
July 2020: Reliance Brands bought out Investment and Holdings Limited
the stake held by Ronnie Screwvala’s (RIIHL) picked up a majority stake
Unilazer Ventures in lingerie etailer The Mandarin Oriental is one of the prime properties in the Big Apple in Mumbai-based logistics platform
Zivame. Grab A Grub.

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