Reliance Retail Ventures acquires 25.8% stake in Dunzo
Reliance Industries share price rises by 1.2%
India’s largest company by market cap - Reliance Industries Ltd (RIL) has hit the trending list today on Dalal Street as the company’s subsidiary Reliance Retail Ventures Ltd (RRVL) has invested about Rs 1800 crore in ‘Dunzo’, which is a hyperlocal quick commerce company. It has acquired a 25.8% stake in the same company. The investment by RRVL is looked upon positively by RIL’s shareholders as Dunzo has been a market leader in its segment and has huge growth opportunities. The stock price of RIL is trading near 2,445.30, which is about 1.2% up, as of 11:37 a.m. on the BSE.
Dunzo is focused on delivering day-to-day essentials at your doorsteps within 15 to 20 minutes. Be it a single mineral water bottle, or vegetables, Dunzo has got it delivered. Currently, it is present in seven metro cities. With the investment from RRVL, it is planning to expand its reach in 15 cities. RRVL is also entering into certain business partnerships with Dunzo. For RRVL, this investment is a strategic move to strengthen its retail reach in upcoming years.
Over the past, the company has made it big in the retail space and is all set to disrupt the retail sector in India. Its acquisitions, partnerships, ventures are all contributing to its expansion plans. Recently, the company had launched the world-famous retail chain ‘7-Eleven’ stores in Mumbai.
RRVL is also a holding company of all the retail companies under the RIL Group. For fiscal 2021, the retail giant has a consolidated turnover of Rs 1,57,629 crore and the profit after tax is Rs 5,481 crore. It has become one of the fastest-growing retail companies on a global scale. This indirectly augurs well for the RIL shareholders.
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