Jio to invest in Dunzo’s fresh $250 mn round

Reliance Jio may invest in Google- backed Dunzo by participating in the hyperlocal delivery startup’s new fundraising round of $200-250 billion. Billionaire Mukesh Ambani controlled Jio is in talks with the startup’s existing investors the people said on condition of anonymity. They did not disclose the size of Jio’s investment.

Dunzo’s most recent fundraising was in January when it gathered $40 million from Lightbox, Evolvence, Hana Financial Investment, LGT Lightstone Aspada and Alteria Capital. Till then the startup founded in 2015 had raised $121 million in capital. Blume Ventures, Kalpavriksh Fund and Patni Wealth Advisors are also investors in Dunzo.

Competition in India’s hyper local space has accelerated as the pandemic and lockdowns led to deluge of online shoppers. This has led new companies to enter the fray, seeking to tap this burgeoning market. Last July Walmart owned e-commerce giant Flipkart started a hyperlocal delivery app Flipkart Quick in Bengaluru.

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