KNOWLEDGE is POWER / REAL NEWS is KEY
New York: Monday, January 17, 2022
© 2022 U-S-NEWS.COM
Online Readers: 337
New York: Monday, January 17, 2022
Online: 306
Donald Trump's new social media platform "TRUTH Social" Join the Waiting List - Click here
FILE PHOTO: A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad

SCIENCE & TECH: India’s Reliance takes 26% stake in delivery firm Dunzo for $200 million



FILE PHOTO: A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad, India January 16, 2017. REUTERS/Amit Dave

January 6, 2022

By Chandini Monnappa

BENGALURU (Reuters) – 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.

“Our merchants will get access to the hyperlocal delivery network of Dunzo to support their growth,” said Isha Ambani, Director, Reliance Retail Ventures Ltd, adding the partnership will help them take advantage of the shift in consumption patterns towards online services.

Demand for services like Dunzo and SoftBank-backed Swiggy’s Genie boomed during the pandemic when people were ordered indoors and only delivery of essential items was allowed. This massive demand has also led players to intensify their battle in ensuring users are able to get their orders in 15 minutes or less.

Reliance has been ramping up its JioMart e-commerce arm in an effort to stave off competition from Amazon.com and Walmart Inc’s Flipkart in an e-retail market India forecasts will be worth $200 billion by 2026.

“Reliance is getting into every key form of online retail. It is still early to gauge how this may pan out, but it looks like they aim to replicate their offline omnipresent dominance to online now,” said Bharat Birla, director at Anand Rathi Advisors in Mumbai.

Dunzo, which counts Alphabet Inc’s Google and Lightrock among its backers, will use the funds to expand to 15 cities from its current seven-city operation.

Founded in 2006, Reliance retail owns brands across segments panning groceries, neighborhood convenience stores, electronic goods, clothes, jewellery, furniture and medicines.

(Reporting by Chandini Monnappa in Bengaluru and Abhirup Roy in Mumbai; Editing by Krishna Chandra Eluri)





Source link

(Visited 4 times, 1 visits today)
KNOWLEDGE is POWER / REAL NEWS is KEY
Woke & Liberal News is Fake News
You will find it on:
CNN - CBS - MSNBC - ABC - The New York Times - The Washington Post - Facebook - Twitter and more
They ALL SUCKS and simply DO NOT tell you the truth PERIOD

WARNING! If you usually get your news from one of these so-called "News Services" Welcome to you, but be prepared for big surprises!
eg. 2+2 is not 5 or 22 but 4 - There is not 57 different genders, only 2
KNOWLEDGE is POWER / REAL NEWS is KEY
Help your friends, family and the truth by sharing this page and articles.
Amen and a-women

PGlmcmFtZSB3aWR0aD0iNjQwIiBoZWlnaHQ9IjM2MCIgc2Nyb2xsaW5nPSJubyIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6IG5vbmU7IiBzcmM9Imh0dHBzOi8vcnVtYmxlLmNvbS9lbWJlZC92cGVmZ24vP3B1Yj00Ij48L2lmcmFtZT4=
WATCH THIS!

PGlmcmFtZSB3aWR0aD0iNjQwIiBoZWlnaHQ9IjM2MCIgc2Nyb2xsaW5nPSJubyIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6IG5vbmU7IiBzcmM9Imh0dHBzOi8vd3d3LmJpdGNodXRlLmNvbS9lbWJlZC9KcWlBWFdWUEFLcGYvIj48L2lmcmFtZT4=
THIS IS IT!!!