Reliance buys 26% of Dunzo for $200 million

Reliance Industries has invested $200 million for a 25.8% stake in Indian online delivery platform Dunzo.

The stake will help Reliance get a foothold into the household goods dispatch market.

Dunzo offers super fast delivery of groceries and medicines and even offers to pick up and drop off documents and other items.

Dunzo will use Reliance’s funds to expand to 15 cities from its current seven-city operation.

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.