Reliance to launch JioMarket🛒, Dunzo joins ONDC🚚, Tiger Global sells 18 crore Zomato shares🐯
Reliance to debut JioMarket for marketplace biz, Dunzo’s B2B arm joins ONDC, Tiger Global sells 18.44 crore Zomato shares, Funding Deals and more.
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Reliance to debut JioMarket for marketplace biz, starts roping in sellers🛒
Reliance Industries (RIL) has begun onboarding independent sellers and direct-to-consumer brands for its separate marketplace platform, which will be called JioMarket. It is set to unveil JioMarket in the coming weeks so it can start operations during the festive season.
JioMarket is expected to have more than one million products during its launch and a presence across 30,000 pin codes.
"With this, Reliance is aiming to disrupt the ecommerce marketplace ecosystem in the same way that Jio disrupted telecom or JioMart disrupted egrocery," it said in the communication, asking vendors to fill a form to submit details for onboarding.
JioMart, the egrocery platform, is largely run through Reliance Retail as a seller. It will continue to operate as is.
Dunzo’s B2B logistics arm joins ONDC📦
Reliance-backed Dunzo’s B2B logistics arm Dunzo for Business (D4B) has partnered with the Open Network for Digital Commerce (ONDC) to provide last-mile delivery services to businesses on the network.
On Monday, we reported that Reliance had marked its entry into ONDC after its last-mile logistics provider Grab.in agreed to integrate with the platform.
“Starting our journey with key metros, we will scale our services to more cities and become the backbone for intra-city deliveries in the Indian ecommerce ecosystem,” said Dalvir Suri, cofounder of Dunzo.
Meanwhile, a senior ONDC executive revealed that live video shopping and selling app Kiko Live has also integrated with ONDC. Kiko has about 10,000 registered sellers across categories like grocery, stationery, and cosmetics. It plans to go live on ONDC by September.
Hot Shorts⚡
Fintech startup CredAble has raised fresh funding of $9 million through an equity infusion from Axis Bank and its existing investor Oaks Asset Management to accelerate its growth plans.
Fabrication Bazar, a manufacturing and engineering company, has raised more than Rs 7 crore in a seed round led by Inflection Point Ventures.
Brevistay, a pay-for-hour room booking startup, has raised Rs 3 crore in its seed funding round led by Indian Angel Network.
Tiger Global sells 18.44 crore Zomato shares, nearly halves stake🐯
US hedge fund Tiger Global has reduced its shareholding in Zomato by about half by selling 18.44 crore shares in a series of bulk deals between July 25 and August 2.
Before the sale, Tiger Global's Internet Fund VI held a 5.11% stake in the food delivery firm, which is now down to 2.77%.
It sold the shares in several open-market deals after the mandatory one-year lock-in period for pre-IPO investors ended on July 23.
Besides Tiger Global, a number of other pre-IPO investors have been exiting the stock since then.
Shares of Zomato, which have fallen around 65% from their 52-week high of Rs 169 in November, closed at Rs 57.85 on NSE on Thursday, up 4.33%.
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